-Income Protection sales have increased 133% year on year*
-Quarter on quarter sales are up 29%**
The surge in sales is a reflection of Liverpool Victoria’s continuing commitment to provide quality protection products at competitive prices.
Liverpool Victoria believes the key reasons behind the success of its Income Protection offering are:-
-Product quality - The product is flexible and can sit within the MIMI framework; exclusions on the plan are minimal and there is an option to apply for a budget protection version.
-Claims payment - During 2003, Liverpool Victoria paid out over £21 million in income protection claims. In addition, Liverpool Victoria aims to respond to all correspondence within three working days.
-Online processing – Liverpool Victoria was the first to launch an online application processing service last year, which has improved the efficiency of the submission process.
-Fast turnaround - Liverpool Victoria has attempted to avoid unnecessary delays in claim payments by including the following new features. These are:
-Payment in full for any additional tests or investigations that are needed to help assess the claim quickly and efficiently and to aid recovery
-Payment for any retraining required to help the claimant return to work.
Commenting on the changes, Mike Newton, Group Sales Director said: “Many believe the income protection market is flagging but our experience is quite the opposite. The key is in having good quality flexible products that are tailored to individual needs at a competitive price combined with a strong claims payout record. We are confident that sales will continue to grow as more advisers and clients alike become aware of the importance of this product as part of an overall protection package.”
