Critical illness and income protection products should be developed for those people working past retirement age, according to Ian Owen, chairman for Partnership Assurance .
Mr Owen commented that as households change and people live longer, these products will be especially needed by over 50’s. He said: "The protection market needs to change the way it thinks about the mature market as legislation and treating customers fairly will facilitate some companies looking at this market in a more serious and thoughtful way."
He added that the insurance industry ignores the grey protection market in favour of a younger customer base. He also cited the example of a husband who has to stop working to look after a young child as one where protection needs are changing. Mr Owen suggests that as well as improving the situation for the over 50’s, guaranteed premium products need to be developed for changing families and family units.
Insurance industry ignoring grey protection market
Financial Services > Income lnsurance > News
Insurance industry ignoring grey protection market
Thu, 24 Jul 2008
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