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‘Simple IP would be best seller’

Simplified income protection plans that cover household bills and mortgage payments would “sell like hot cakes”, claims Munich Re client management director Andrew Francis.

He says the product would be simpler and cheaper to write than traditional income protection because the insurer is not covering the policyholder’s entire income. He estimates that applications could take just 10 minutes.

Francis says mortgage repayments could be covered for the remaining term of the loan while household bills could be covered until the policyholder reaches 65.

He says: “It would sell like hot cakes. No one will buy one of these policies to profit so providers could cut back on underwriting because it is not relevant.”

Aegon Scottish Equitable head of individual protection marketing Rod McKie says the reduced payout would limit the risk of people delaying returning to work so they could claim benefits.

However, he says the bulk of the application process would still be based around occupation classifications and medical history, which could limit the time saved in the application process.

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