Income protection insurance found to vary considerably
Thu, 18 Feb 2010
Permanent health insurance should provide cover if a person cannot work because of sickness or injury, however there is great variation between policies.

Insurance policies which promise to pay an income when customers become ill or have an accident are failing to meet claims for even the most basic serious injuries, including two broken arms or even blindness .

According to research conducted by Alan Lakey, an independent expert at Highclere Financial Services, policies sold in their thousands each year by many of the UK's largest insurers, including Axa, Bupa, Aviva, Scottish Equitable and Prudential vary considerably in their terms. This leads to widespread confusion among consumers about what income protection insurance or permanent health insurance actually is, as well as what it delivers.

Ron Wheatcroft, co-author of a recent paper regarding the issue for the insurer Swiss Re, said: "There is a big gap between what we say it if and what consumers are trying to grasp. It is also difficult to get the balance right between choice and complexity, which can be a barrier."
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