Consumer Duty: Unmarried partners and life cover claims

"Beneficiary nomination is robust and it works"

clock • 5 min read

Vincent O’Connor, director of products at The Right Mortgage & Protection Network, writes that with a higher level of unmarried couples than ever before in the UK, it's time for life cover to evolve to include a standard beneficiary nomination process.

We often talk about customer outcomes and how to improve them, but the ultimate outcomes for protection policies can only be evaluated when we get to that moment when someone actually needs to make a claim and we find out whether the policy did what it was supposed to do. Protection policies are a strange commodity because they are a bit like a spare wheel:  You don't actually ever want to use them, but if you need to, you'll be glad you had one. The most common protection policy taken out each and every year is life cover. It's affordable and the most obvious claim scenario for anyon...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

COVER Protection and Health Summit 2024: In pictures

COVER Protection and Health Summit 2024: In pictures

Event on 07 November

Jaskeet Briah
clock 13 November 2024 • 1 min read
Third of stressed Brits worried about personal finances

Third of stressed Brits worried about personal finances

Cigna Healthcare research

Jaskeet Briah
clock 13 November 2024 • 2 min read
Fifth of adults believe they do not need a will

Fifth of adults believe they do not need a will

Most respondents have no life cover

Jaskeet Briah
clock 11 November 2024 • 3 min read