Life and Critical Illness Bulletin: 2016 ends on a high note
4th January, 2017
With 2016 under wraps, we can afford to look back at what was an important year for protection. Here are three of the big stories to emerge in a year that saw growth, change and even more added value for policyholders:
Protection sales rise in 2016
As an underinsured nation, any report that protection sales have increased is good news. One recently claimed that protection sales had increased by 8.2% in Q3. Impressively, overall protection sales had climbed by 25.9% year on year. Some experts believe this to be due to improved sales techniques by advisers and the added value on many critical illness and life insurance products.
Royal London announced in their September report that its intermediary protection business had increased by 22% for the year to date. 2016 also concluded with an announcement from Zurich of a 20% increase in applications for critical illness products up to Q3.
Providers change and enhance propositions
One of the big news stories of 2016 was the launch of Aviva’s Protect+, the provider’s new range of products following their full integration with Friends Life. Provider AIG also made a big change with the launch of Key3, their new critical illness proposition. This caused quite a stir when it was announced that Key3 would be covering just the three main conditions: stroke, cancer and heart attack.
Some experts believe 2017 will see more products aimed at specific but common illnesses. Royal London is already set to launch a life insurance product tailored for those with diabetes, another industry first. The provider also announced that they would be expanding their Helping Hand service to include even more support for those with injury, illness or suffering from bereavement.
Vitality embrace emerging market
With more people using wearable technology to monitor and hopefully improve their health, Vitality was the first provider to use wearable technology as part of their Vitality Active Rewards. Their new campaigns and products offer discounts and incentives to lead an active lifestyle.