Ageas Protect has introduced a consumer friendly ‘product labelling' scheme into its protection products.
The concept is similar to the food labelling concept, which allows consumers to choose between products and keep a check on the amount of foods high in fat, salt, saturates and sugars.
The initiative sees the protection specialist the first to introduce clear consumer signposting onto its pre-sale marketing material, beginning with its key facts documents.
Ageas's product labelling takes into account the major needs that consumers have to consider including death, terminal illness, specified critical illness, long term sickness, total & permanent disability, and unemployment.
Ageas is introducing this concept into key facts documents of its menu-based ‘Your Life Plan' products and the ‘Real Life Cover' product.
If the initial launch is successful the initiative is likely to be extended and used across all consumer-facing material.
Andy Milburn, head of marketing at Ageas Protect, said: "As a nation we've seen how well food labelling works. Ageas Protect has now applied the same thinking to protection products. We can use this clear and simple approach to help show consumers the potential needs that they may not have mitigated as a result of their initial purchase, as well as identifying the most urgent needs that are covered within their policy."
Ageas is calling for the entire protection industry to be more proactive and remind existing customers about the cover they have. Product labelling will be introduced on Ageas Protect key facts documents in November.
Martin Werth, managing director at Ageas Protect added: "The protection gap is becoming a dull factor to quote, but it is still getting bigger due to the tough economic climate and negative industry issues.
"When consumers are aware of the need to take out protection cover, they tend to use the internet to find what they want and often the only product they know about is level term cover. We believe product labelling helps to address this issue and should be used more widely. We have tested this concept with a number of advisers who all believed the initiative to be an extremely positive one."
The documents will be available to download from the adviser page of www.ageasprotect.co.uk.
