Positive Developments in UK ProtectionReasons to be Cheerful - 1, 2, 3

Nick KirwanHead of Health and Protection

Reason 1 – things are getting better

At the start of the CI Review…

Sustainability More sustainable definitions Reviewability guidance

Reputation & Regulation Declined Claims Reducing non-disclosure – clarity of applications and process Clarity about how products work Clarity of what’s covered and what’s not

Reason 2 – there’s more we can doNon-disclosure Treatment at the point of claim Law Commission proposals Unrelated non-disclosureTotal Permanent Disability 3% of CI claims – but 55% declined Confusion with IP One definition – many causesIncome Protection Build awareness Simplify the transaction Clarify the proposition Improve the standard of advice

Reason 3 - People Need Protection

Changes in society Trend to self-employment Reliance on two incomes “Buy now, pay later” society £27 billion savings gap £1.3 trillion debt mountainMind the gap Life cover gap – £2.3 trillion1

IP gap – £175 billion a year1

Savings < £30k2

Household income > £20k2

People with protection2

1: Swiss Re

2: Scottish Widows