"We’re proud to be members of the IPTF, raising awareness and fostering an environment where IP can be better understood."
- Richard Waters, Head of Protection Distribution at HSBC Life UK
Shepherds Friendly, HSBC Life UK, RedArc, Best Insurance, Realm, MMS, and CIExpert have joined the Income Protection Taskforce (IPTF). As an organisation that "relies on member funding as a not-for-profit organisation," Vicky Churcher, Executive Director at the IPTF, said, "We’re extremely grateful to all of our members, including those joining this year, for the support they’ve shown the IPTF in helping us to achieve out plans this year."
"Our expanded membership reflects our desire to broaden the conversation around protecting income this year and also our commitment to consider Income Protection (IP) as a holistic proposition. Additionally, some of our work this year will go beyond IP and contribute to the wider industry," she added.
Commenting on its membership, Richard Waters, Head of Protection Distribution at HSBC Life UK, said "We’re proud to be members of the IPTF, raising awareness and fostering an environment where IP can be better understood. HSBC Life UK is curious about innovation in the IP market to deliver positive outcomes for customers."
"Our own recent study highlighted that only 14% of adults in the UK have IP, so there’s a real need to continue to educate the public on the financial safety net it can provide. We’re also looking forward to further helping advisers understand the importance of friendly societies & mutuals and the benefits that they provide to their members," added Phil Nash, Chief Sales Officer at Shepherds Friendly.
Paul Roberts, Proposition & Distribution Director at CIExpert, said the team is excited to join the IPTF "on our shared journey of raising the awareness and education of all areas of protection, in particular, how important protecting incomes is to ensuring financial resilience for as many families as possible. We look forward to continuing our close collaboration with the IPTF and working with them to support the needs of both advisers and consumers in the future."
Over the next twelve months, the IPTF will be considering the role of Accident, Sickness & Unemployment (ASU) products as part of a protection offering for customers. Kesh Thukaram, Co-Founder of Best Insurance, strongly believes that ASU is "one of the most important insurance policies any working individual should have."
"The main reason for low adoption is a lack of awareness, and a lot more has to be done in this area. IPTF, over the years, have done excellent work in increasing the awareness of IP, and with this initiative, I believe the same can be achieved for ASU," he suggested.
