UK’s Drewberry Insurance has launched a new income protection comparison tool, which will help consumers to make informed selection when adopting the income protection (IP) insurance.
The new tool will allow consumers to locate entire information about a policy that they think might suit them, which will be located in one particular location with detailed explanation.
Drewberry Income Protection protection head Tom Conner said unfortunately, many people are taking out policies with weaker occupation definitions without actually knowing what they are covered for until they speak to an adviser, or go to make a claim.
"It is also the case that some insurers have decided to offer certain workers own occupation cover for the first year or two of a claim and then switch the incapacity definition to working tasks, which is extremely confusing for anyone who isn’t very familiar with this cover," Conner said.
"In this price sensitive world we are also coming across large numbers of people who have been quoted premiums that rise with age because they are lower now, without anyone even explaining that they rise over time, which is very misleading and just not right."
Drewberry said that the tool has not been developed to replace an adviser but rather it has been designed to set out the facts about each policy clearly to assist customers in selecting a particular interested policy.