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Swiss Life revamps income protection products

Swiss Life is overhauling its range of income-protection products for the first time since their launch in 1994 to keep them competitive.

The protection specialist is making three major changes to the products as well as a number of minor alterations to simplify them for IFAs and make them more attractive to consumers.

Swiss Life is offering a choice of reviewable premium rates. Previously, it only offered guaranteed rates which, while providing security, limited consumers&#39 options.

Another change redefines the criteria considered for assessing payouts. The current definition states an individual must be completely incapacitated before they can receive any significant compensation.

The new scheme introduces eight activities of daily living ranging from walking

to communication and fin ancial competence. If a person cannot carry out three out of the eight tests, they are eligible for a payout.

Swiss Life concedes the income-protection market has been flat in recent years. It hopes the changes made to

its products will make it

easier for customers to understand their advantages and for IFAs to sell them.

Personal finance research and planning manager Rosalind Pearson says: “We are very committed to providing products which suit all pockets and a wide range of individual circumstances and all these developments aim to make the products more straightforward for IFAs and their customers.”

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