Ageas cuts IP rates and extends own occupation cover

clock • 1 min read

Ageas has made a range of amendments to its income protection cover available as part of the YourLife product.

The provider has cut its premium rates and extended the number of vocations now defined as own occupation.

It has also produced a range of adviser support materials including a breakdown of product features and a point by point comparison with key competitors.

The product now covers 98% of the top 50 quoted occupations under the own occupation definition, including nurses, surgeons, dentists, lecturers, plumbers and electricians.

Under the reduced rates Ageas said a 30-year-old male non smoking accountant, looking to retire at 65 and requiring a level monthly benefit of £3,000 until retirement would pay a monthly premium of £36.31 with a 26 week deferred period.

Martin Werth, managing director of Ageas Protect added: "The biggest single asset a customer owns is his or her earnings capability and yet too few people protect this.

"Income protection accounts for just 6% of new business sale and we believe this is a huge untapped market, especially given the opportunity for income protection to replace mortgage payment protection insurance sales."

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