Insurer changes income protection app. Process - Income protection - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Insurer changes income protection app. Process

Insurer changes income protection app. Process

Category: Income protection

Updated: 26/11/2012
First Published: 07/04/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

More people protecting their income

Nobody likes to think about what would happen if they were unexpectedly unable to work. Thankfully, research from the ABI shows that an increased number of people signed up to income protection policies last year.

Are you financially prepared?

Long-term ill health is never a nice thing to contemplate, but if you fail to be prepared for such a scenario, you could be putting your finances in serious jeopardy, with research finding that far too few people have suitable protection in place.

Do you have a financial back up plan?

What would you do if you couldn’t work for any reason? Could you afford to cope financially? Chances are, you’d find it a struggle, which makes it particularly worrying that just 29% of workers currently have a financial safety net in place.