Income protection Updated:
Norwich Union Healthcare has announced changes to its income protection product, with the aim of improving accuracy and reducing non-disclosure. As of April 6th, intermediaries are able to submit an electronic application that includes financial and occupational details, with the customer then receiving a phone call to discuss medical aspects. The insurer explained that teleinterviews often mean consumers feel less embarrassed about giving out sensitive medical and lifestyle details. Head of propositions management and market development at Norwich Union Healthcare Rebecca Freebody remarked: "The new approach not only speeds the application process, but also helps ensure that all appropriate medical information is captured at the point of application." Those taking out the income protection quotes product will have the opportunity to verify all aspects before the policy begins. Last week, Credit Action forecast that one in 33 people currently in employment will be out of work by the end of the year.
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