JULY 2014




MSM Confused Go Compare CTM Family Insurance Services
Lowest Price £15.06 FirstCall Payment £14.70 Helpucover £14.70 Helpucover £13.00 Assurity £13.00 Assurity
2nd Lowest Price £16.38 FirstCall Payment £15.45 Helpucover £15.45 Helpucover £15.25 Realm £15.25 Realm
3rd Lowest Price £18.00 Synergy Financial £15.75 Realm £15.75 Realm £17.89 DMS £17.89 DMS
Number of Insurers 4 8 5 11 11

Income protection, covering £500 per month for accident, sickness and unemployment with a 30 days wait period for an employed 35 year old male earning £12k per year, living in GL7.

MSM Confused Go Compare CTM Family Insurance Services
Basic Cover N/A £10.86 WPA £10.86 WPA £10.86 WPA £10.86 WPA
Mid-range Cover N/A £35.45 Aviva £35.45 Aviva £23.51 General Medical £23.51 General Medical
Fully Comprehensive Cover N/A £48.21 Simply Health £48.21 Simply Health £33.15 General Medical £33.15 General Medical
Number of Insurers N/A 11 1 12 12

Prices based on 35 year old male non-smoker living in GL7.

MSM Confused Go Compare Tesco CTM Family Insurance Services
Lowest Price £37.69 L&G £37.26 Beagle Street £37.05 Beagle Street £36.00 Beagle Street £36.48 Beagle Street £39.21 Aegon
2nd Lowest Price £40.80 Zurich £40.03 L&G £38.79 L&G £37.26 L&G £40.10 L&G £40.19 Bright Grey
3rd Lowest Price £41.55 Ageas £41.13 Aegon £40.11 Aegon £38.90 Aegon £42.24 Aegon £40.68 Zurich
Number of Insurers 10 10 9 9 8 9

Prices based on 35 year old male non-smoker, living in GL7, covering £150,000 over 20 years.

MSM Confused Go Compare CTM Family Insurance Services
Lowest Price N/A N/A N/A N/A £61.29 PruProtect
2nd Lowest Price N/A N/A N/A N/A £65.33 LV=
3rd Lowest Price N/A N/A N/A N/A £76.40 L&G
Number of Insurers 0 0 0 0 6

Prices based on 35 year old male non-smoker, living in GL7, covering £150,000.

MSM Confused Go Compare Tesco CTM Family Insurance Services
Highest Cover Provided N/A N/A £5,217 Shepherds Friendly £5,217 Shepherds Friendly £5,440 Ageas £5,440 Ageas
2nd Hightest Cover Provided N/A N/A £5,165 Ageas £5,165 Ageas £5,437 Shepherds Friendly £5,437 Shepherds Friendly
3rd Highest Cover Provided N/A N/A £4,670 L&G N/A £5,161 LV= £5,161 LV=
Number of Insurers 0 0 4 2 5 5

Price based on 60 year old male living in GL7 choosing a premium of £20 per month.


Like most industries, insurance is becoming more and more reliant on technology to improve efficiency and effectiveness especially in regards to the distribution of policies. A recent report by Swiss Re claims the insurance industry is in the midst of a digital revolution, albeit a quiet one and somewhat delayed in comparison to other industries. PwC has also produced a report outlining the demand from consumers for online advice.

Ian Sawyer, MD of Assured Futures gives his view:

Key Facts:


Zurich recently released a report: Income Protection - working together to improve take-up. It outlines why it's important for insurers, individuals, businesses and the government to work together to ensure financial provision is in place if and when a disability event should occur.

Assured Futures' Ross Hebden shares his thoughts:

Key Facts:


Kevin Carr, wrote in FTAdviser the importance of statistics within the insurance industry to relay to customers the importance of protection policies and the significance of how not having a policy can impact on their lives and the lives of their loved ones. He also mentioned how important it was for brokers to remember that at the heart of these statistics were normal, ordinary customers without the knowledge and expertise of a broker: “it is one thing to know about the important statistics but another to understand what they really mean to everyday families”. It’s important to separate the jargon and the statistics which can be useful to a broker to those which may be helpful in persuading a potential client into purchasing a policy.

Here are some of the statistics which could be useful for both brokers and clients can you spot the difference?:

3 - The UK insurance industry is the third largest in the world and the largest in Europe.

£164.7bn - According to the Association of British Insurers in 2012 a total of £164.7bn was paid in premiums for long term insurance products and £196.2bn was paid in claims and benefits equalling a net loss to insurers and dispelling the myth insurers don’t pay out.

£10.4bn - In the 2010/11 tax year ABI members contributed £10.4bn in taxes, equivalent to 1.9% of total Government tax receipts.

320,000 - The insurance industry employs around 320,000 people in the UK.

29m - In 2012 there were an estimated 29m protection, term and whole life policies in force.

19 - Based on data from F&TRC the age of the youngest adult critical illness claim in the UK last year was 19, through Bright Grey.

38% - The overall percentage of protection claims the public believe are paid each year in the UK. The actual figure is over 90%.

£8.4m - Every day UK insurers pay out £8.4m in health and protection claims.

65% - The proprtion of critical illness claims that relate to cancer, compared to 15% for heart attacks, 7% for strokes and 6% for MS.

60% - The approximate proportion of income protection claims that arise from either accidents, mental health disorders or musculoskeletal complaints, of which most would not be covered by critical illness cover.

£50pm - The average amount people are willing to spend on protection insurance (according to Protection Review).

60% - The potential savings, under the right circumstances, that a relevant life policy can save compared with traditional life insurance.

65% - The number of worldwide deaths attributed to lifestyle factors such as nutrition, exercise, smoking and alcohol, according to the Oxford Health Alliance.

1 in 5 - The chances of being off work sick for more than three months according to LV=.

1 in 76,275,360 - The chances of winning Euromillions according to LV=.

66% - The number of people who do not have any financial support in place to support the cost of looking after a sick child if they could no longer work, according to Ageas.

2.89m - The number of people on the NHS waiting list as at April this year, the highest it has been since 2008.

200 – the number of types of cancer, each with different causes, symptoms and treatments.

570 - Government figures suggest 570 children smoke for the first time every day.

5% - A pint of beer provides around 5% of our daily protein needs.

72% - According to Zurich this is the number of people who believe there are circumstances where it is acceptable to stretch the truth or tell a white lie when it comes to insurance.

40% - the number of Ombudsman complaints about protection that were upheld in 2012.

100 - According to Skandia out of more than 800,000 babies born in the UK in 2013, over a third of them are expected to live to 100.


CUSTOMER'S REQUEST: To transfer to a cheaper and more suitable policy following a previous diagnosis of a health condition which could potentially lead to treatment required in the future.


CUSTOMER COMMENT: "When changing insurance providers it’s always a little overwhelming, particularly searching a price comparison website as there are so many options available. I was very much aware that choosing the wrong policy for me could prove critical thinking you are covered for a particular course of treatment to find the insurance company will not honour the cost because I had misread or misunderstood the level of cover. It was therefore reassuring to speak to a consultant who was very knowledgeable and could understand straight away the level and details of cover I currently had with my insurance company and therefore the comparable cover I required for my new policy, offering guidance and assistance along the way."



Income Protection

Life Insurance

Private Health Insurance


Ian Sawyer
Managing Director
Richard Harris
Head of Life Insurance
Richard Kerton
Head of Private Medical Insurance
Ross Hebden
Head of Income Protection Insurance
Ros James
Marketing Manager

Please note the above represents the views of the authors only and does not constitute insurance advice.

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Family Insurance Services is a trading name of Assured Futures Limited.

Assured Futures, Ellenborough House, Wellington Street, Cheltenham, GL50 1AP, 01242 537 082.