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‘LTC cover is the product of the future’

Dr Marius Barnard has called on the protection industry to “resurge” long-term care insurance, claiming “it is the product of the future”.

At the Protection Review dinner in London last week, Dr Barnard, the architect of critical-illness cover and one of the pioneers of heart transplant surgery, said due to Britain’s aging population, long-term care will be the key product in the coming years.

He said: “Long-term care is the protection product that is needed more than anything else and I appeal to the big companies to resurge this product. It is the product of the future.”

Dr Barnard also called for more severity-based protection products as significant medical advances since the first CI product was launched in 1983 means illnesses are detected earlier and fewer cases are fatal.

He said that advisers are “financial doctors” and they, along with insurers should borrow from the techniques of “physical doctors”, who grade patients on a scale of one to four, based on a person’s functional ability.

He also said the industry should focus on the positives of the 80 per cent of claims that are paid out rather than the 20 per cent declined.

He said that the industry should “be on the offensive, not the defensive.”


Nationwide confirms broking arm details

Nationwide has announced further details on how its prime intermediary arm will operate following the planned merger with Portman Building Society on August 28.The lender will be recruiting a substantial salesforce to commensurate with the size of the newly merged organisation. The team will report into a newly created position of head of sales for […]

Sting like a Bee

I want to move away from the retail distribution review. This does not mean the subject is no longer important and I heartily commend to you the article in last week’s Money Marketing by Nick Bamford, in which he called on all IFAs to take part in the debates over the RDR in the coming […]

NU blunder overstates retirement income forecast

Norwich Union has overestimated the retirement inc-ome of thousands of savers by sending out inaccurate statements about how much cash they can expect to receive in retirement.An error in the calculation of the annuity rate means 97,000 customers received statements which overstated the income they could get in retirement by 15 per cent.The annual statements […]

IFAs raise concerns on 1st Software forum

Disgruntled IFAs are using 1st Software’s online forum to make complaints over its software and service.IFAs cite problems over using new and updated software as well as the amount of time it takes 1st Software to fix certain problems on its system.One adviser complains about the stochastic planning model on the platform while another says […]

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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