Life and Critical Illness Bulletin: AIG unveil the Spencer Family
17th January, 2017
AIG unveil the Spencer Family
Leading provider AIG Life has launched a new campaign: The Spencer Family, to help advisers illustrate how protection affects families under different circumstances when talking to clients about their cover.
Social realism and real life stories have a big impact on consumers in the current market, and after the impact of the Seven Families campaign, more providers are looking beyond the stats when helping advisers talk about protection with their clients.
The fictitious “Spencer Family” consists of 33 family members, covering an extensive four generations, totalling 1,219 years’ worth of lives. AIG will be using the family during 2017, accompanying launches and general literature to help illustrate the effect their policies can have.
Aviva improve Group Critical Illness with industry first
Aviva have launched a “first in the UK” offering by enhancing their Group Critical Illness policy to include cover for child-specific illnesses. Previously, Aviva policies covered only those over the age of 30 days, which has been lifted to protect children from birth and against congenital conditions diagnosed during pregnancy or for a short time after childbirth.
More importantly, they now provide cover for child-specific illnesses such as Cerebral palsy, Cystic Fibrosis, Muscular dystrophy, Spina bifida and Hydrocephalus. For the first time in the industry, a provider has extended this cover beyond individual protection policies. The new policy also delivers optional access to a Cancer Drugs Fund benefit, which provides up to £100,000 to pay for medication.
Industry questions Government Bereavement Support Payment
Despite the Government announcing that the new Bereavement Support Payment will be extended by 50%, questions remain as to whether the state support is doing enough to protect those burdened with costs after the passing of a loved one. The new support system comes after recommendations made last year by a representative committee.
Due to come into effect in April 2017, the new support payment will replace the combined support of bereavement payment, bereavement allowance and widowed parent’s allowance. Although the government highlights that the payment system has now been simplified and is now more accessible, some in the industry argue not enough is being done and that consumers will still need to make financial arrangements beyond the Bereavement Support Payment.
Relying on state support during times of financially difficulty or loss can often not be enough. We want to ensure you are protected, so talk to us today to arrange a meeting or browse our quotes page to find out more.