View more on these topics

Adapting to changing needs of clients

Steve Payne

Health secretary Jeremy Hunt’s recent announcement that there will be a rise from £23,250 to £123,000 in the amount of assets people have before having to contribute to the costs of basic nursing care has been met with applause by many, but what about those with assets in housing over £123,000?

There is, I believe, a chance that this could lead to a rise of new forms of protection for care needs. If that is the case, the industry needs to be ready to act.

When it comes to protection insurance, there’s no one size fits all’ – people’s needs change depending on what stage of life they are at.

A single person with no dependents may view income protection insurance as the most suitable cover for them.

The same person may well find that life insurance and critical illness cover become bigger priorities when they marry and start a family.

As an industry we need to be able to adapt to each client’s individual needs and ready ourselves for societal changes that will impact these very same clients.

The retiring population is increasing, meaning that there is now an even wider variety of protection needs that need to be met.

The Government’s announcement about the future of social care is a good thing insomuch that people now know what the future holds for them and can plan accordingly.

If we as an industry pay attention to the real impact these changes have, we can react appropriately and at the right time, ensuring that we continue to offer peace of mind to those who need it most, when they need it most.

Recommended

130k homes have been sold at a loss since 2007

Over 130,000 families have sold their home at a loss since 2007, representing 41 per cent of transactions in England and Wales, according to research compiled by Castle Trust. The firm analysed Government figures on UK housing transactions made between January 2007 and January 2013 and found that 131,442 were sold at a loss, with […]

Remortgage lending climbs by 6%

Monthly gross remortgage lending rose 6 per cent in January from £2.7bn in December to reach £2.9bn, according to figures from LMS. The LMS Remortgage Report for January shows remortgaging now accounts for 28 per cent of gross mortgage lending, representing the highest proportion since October 2012. The average loan amount grew from £140,553 to […]

Newsletter

News and expert analysis straight to your inbox

Sign up