Drewberry Insurance Launches Innovative Income Protection Quotation System

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• Langue: English

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Drewberry Insurance Launches Innovative Income Protection Quotation System

PR Newswire LONDON, November 7, 2012

LONDON,November 7, 2012/PRNewswire/ --

Drewberry Insurance launches the most informativeonline income protection quotation platformever built. The platform is designed to help provide consumers with the key information and pricing they need to make an informed decision.

There is no doubt that income protection insurance is an extremely important protection policy, so much so that Which? Money asserts,"The one protection policy every working adult in theUKshould consider is the very one most of us don't have - Income Protection."The problem is that it can be complicated.

Tom Conner, Head ofDrewberry Income Protection, says,"One of the main issues with income protection is a lack of consumer understanding of the product, whichcan bedangerous in a world wheremore and morepeople want to source their insurance online themselves, without expert help.

"There are quote engines in the market where consum ers can get a price, but Drewberry also aim to provide an education, so consumers know exactly what they are getting."

In addition to providing online comparison quotations from all leading income protection insurers the platform also has the following key features:

1. Definition of incapacity information

With income protection, one of the main causes of confusion comes down to the definition of incapacity used by the policy. The definition of incapacity can mean the difference between the plan paying out if the policyholder cannot do their specific job (Own Occupation definition), relative to the plan only paying out if the policyholder cannot perform a set number of 'tasks', like walking (Activities of Daily Living (ADL) definition).

It may therefore be surprising to know that most online income protection quotation systems do not even display the definition of incapacity used by each policy, which can be extremely misleading.

2. Side-by-side insurer comparison tool

With this tool it is possible for consumers to compare the key policy details (including the monthly premium) of two products from the quote engine side-by-side. With this system it should be clear why one plan costs more than another plan, thus helping consumers to make a decision based on both price and coverage.

3. Warnings to highlight potential limitations

To help consumers make a more informed decision the system includes warning signs with further information relating to the key policy options. For example, if a policy includes premiums that rise with age there is a warning so consumers take that into account when comparing the premium relative to another policy with guaranteed (fixed) premiums.

4. Instantly narrow results by policy type and prem ium type

Consumers can instantly narrow down their results by opting to turn off certain types of cover such as those which have reviewable premiums or those which only provide short term protection allowing them to better focus on the options which best suit their requirements.

Try the system for yourself

You are able to find a demonstration version of the platform by following the link below:

Take me to the example results >>

With income protection Drewberry would always recom mend taking advice from an expert so this platform is not designed to replace an adviser, but it should help to educate consumers on the complexity of the product and encourage consumers to seek advice.

About Drewberry Insurance

Drewberry Insurance is a trading name of Drewberry Ltd, which operates as a whole of market insurance intermediary in the health and protection insurance markets. Drewberry Insurance offer insurance broking services for a range of individual and group policies, through the following specialised websites:

Drewberry Group Insurance- Informational resource for implementing group health and protection schemes as part of an employee benefits offering.

Drewberry Mortgage Insurance- Informational resource for arranging mortgage protection insurance, such as life insurance and payment protection.

Drewberry Health Insurance- Informational resource for arranging both personal and family private medical insurance (PMI) plans.

Drewberry Ltd is an appointed representative of Chase Templeton Ltd which is authorised and regulated by the Financial Services Authority, register number 311612. Registered address: Vantage House, 1 Weir Road, London, SW19 8UX.

For further information please contact: Andrew Jenkinson Drewberry Ltd Vantage House 1 Weir Road London SW19 8UX [phone] http://www.drewberryinsurance.co.uk [e-mail]