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Corporate Adviser Magazine - DWP minister – GIP needs product development, not incentives

By John Greenwood 9 November 2017.

The group risk sector offers valuable benefits to employers and employees but should do more product development to ensure the true value of group income protection is understood by them, minister for the disabled, health and work Penny Mordaunt MP says.

Speaking at the ABI’s Mental Health Conference last week, Mordaunt said there would not be a white paper response to the Improving Lives green paper, but that a ‘road map’ of positive actions to be taken by the Government would be published soon. She supported the ABI’s proposal for a protection statement that would help individuals understand how much, or little, they would have to live off in the event they became long term sick. Income Protection Task Force spokesman Roy Mcloughlin says his organisation floated the idea of a protection statement around a decade ago.

She praised the positive aspects of GIP but said the group risk industry should do more product development to better communicate and present the benefits of the product to employers. Group risk professionals have challenged this view, arguing current products are already fit for purpose.

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