The Intermediary – October 2025 - Flipbook - Page 74
"What do you mean it's an 'Act of God'?"
studies, highlighting how income protection or
accessible and helping brokers deliver better
them help build trust and understanding.
outcomes for clients who previously felt excluded.”
“Focusing on practical, tailored cover helps
Harper also points to advancements on
more clients understand that some protection is
the insurer side, saying: “Short-term income
better than none when budgets are stretched.”
protection, more modular cover, and simplified
Product innovation
more accessible.
The protection market is rapidly evolving to
underwriting have made protection far
“Insurers are also improving digital
address these challenges. Lakey considers this
journeys – making the journey easier and
progress vital, noting that providing both a lower-
quicker for brokers and clients alike, enabling
cost core option and a more comprehensive,
faster decisions.”
higher-priced plan allows advisers to focus on
explaining the value rather than just the cost. He
also observes that underwriting processes now
For self-employed clients or those with variable
incomes, there are now solutions tailored to fit.
Lakey says: “Short-term income protection
appear stricter and slower than in the past, and
plans are a convenient, low-cost means of
that a moratorium plan would be well received.
obtaining income protection for the self-
Vaughan says: “Several providers have
introduced modular product designs,
simplified underwriting journeys, and digital
employed who are generally more cautious with
their spending than others.
“This trade-off between quality and cost can
pre-assessment tools. These innovations are
prove a first step on the ladder for those who
particularly helpful for self-employed clients,
truly need this protection.”
older borrowers, and those with adverse credit.
We’ve also seen more inclusive definitions
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“These changes are making protection more
critical illness cover has supported people like
Harper notes: “Short-term income protection
and guaranteed-benefit products are proving
in critical illness cover and flexible premium
effective for those without steady payslips.
structures that adapt to fluctuating income.
Providers offering flexible deferred periods
The Intermediary | October 2025
