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Monthly income preferred over lump sum insurance payouts

21 August 2018

The majority of people would prefer insurance that pays a monthly income rather than a lump sum, new research by Aegon has shown. 

The insurance giant said 58% of people expressed a preference for monthly payments. To meet this demand, Aegon has added critical illness (CI) family income benefit (FIB) and life with CI FIB to its online application service.

FIB provides policy holders with a monthly income until the end of the benefit term if the insured person either dies or is diagnosed with a critical illness.

Simon Jacobs, head of underwriting and claims, Aegon, said: “There will always be a need for cost-effective CI solutions, and with more than 50% of people interested in insurance that would pay a monthly income, access to our full suite of family income benefits online will help advisers find an affordable solution to suit a range of client needs.”

Earlier this year, Aegon announced its intention to deliver a series of improvements to its online protection service. These included quicker underwriting decisions, real-time indicative prices during the application process and the ability to apply for life protection on a single-life basis for two people in one application.

Aegon said advisers can now apply for all of Aegon’s personal protection benefits online, and will benefit from an improved income protection illustration process and the policy start date in the final confirmation screen to show exactly when the policy goes on risk.

Jacobs added: “While each of these enhancements are simple, the combined effect of them will be a quicker and simpler protection application process for advisers. Advisers can now use the faster, more intuitive online service for FIB as well as Personal Protection and Whole of Life applications across all devices, and browsers.”

Advisers can access this improved online service in exactly the same way as before – using the existing Aegon online services login page and their usual login details, the firm said.

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