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Split over ABI move to axe ‘any occupation’

Advisers and providers are split over the Association of British Insurers’ plans to scrap “any occupation” from the application process.

According to the ABI, any occupation is usually used in the event of a customer having a high-risk occupation or if they have pre-existing medical conditions.

The ABI is looking at removing the option from applications as part of the ABI’s total permanent disability review.

Royal Liver IFA marketing manager Aidan Dewhurst says says: “There is little point keeping something that serves such little purpose, especially when there are alternatives, for example, ADWs. Products need to evolve and any evolution should take the customer with them in terms of clarity, understanding and benefit.”

Master Adviser IFA Roy McLoughlin says the lack of understanding around “any” versus “own” could be hindering protection sales.

He says: “Once again, we have a consistency problem within the industry. I don’t think advisers totally understand ‘own’ and ‘any’ for certain professionals and that could be holding back sales of income protection and critical illness.”

However Direct Life and Pensions Lifequote key account manager Phil Jeynes says: “There is a place for it at the moment because not every occupation is going to be covered under an own occupation basis. So for high-risk people, it is better to have work tasks covered than nothing at all.’


Campaign support

Have you seen the front page of Google? Type in “life insurance” and you will find the country’s biggest financial marketers herded in the rankings like so many elephants on a bus. None of them gave it the time of day a few months ago. They spent their search engine optimisation marketing budget in other more exciting financial services areas.

Tories play a waiting game

The political consensus on personal accounts is fragile and the Conservatives have been threatening to break it unless a solution to the issue of means-testing is found.

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David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


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