Canada Life reveals over 85% unaware of current Incapacity Benefit rates
Nearly 90% of consumers have no idea how much benefit they would be entitled to receive from the Government if they were deemed unable to work due to illness or injury, according to new research from Canada Life Group Insurance. In addition, of those who believed they knew the correct amount, only 19% thought it was between £70 and £80, which is closest to the current weekly incapacity benefit amount of £75.40.
Nearly a fifth said they would need £500 per week to continue their current lifestyle – £425 short of the amount they would be entitled to.
Marion Ware, head of marketing, Canada Life Group Insurance
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Personal
Tesco Law and the insurer legal services revolution that never was
Content Director's View: More than a decade ago many insurers could not wait to seize the opportunities afforded by a change in the law that allowed them to set up their own legal services arms. Jonathan Swift reflects on what happened next - and the prospect of a one-stop-shop claims provider in the future.
Admiral and Octopus partner for tailored EV insurance model
Admiral Pioneer, Admiral Group’s venture-building arm, has partnered with Octopus Electric Vehicles on an individual EV insurance model estimated to deliver almost £550 in savings for drivers.
Watch Admiral and Convex discuss how to maximise AI implementation in insurance
AI is now embedded across insurance technology teams, from development and testing through to security and compliance.
Clear battery standards could unlock UK’s used EV market
Dougie Barnett, former director of commercial customer risk management and sustainability at Axa UK, argues that standardised battery health information is essential to build confidence in the slow-moving second-hand EV market.
Allianz backs Wrisk in strategic investment
Allianz Holdings plc has invested in motor embedded insurtech Wrisk as part of its £12m series B funding round.
Defaqto buys Pearson Ham’s pricing business for £11m
Defaqto has acquired Pearson Ham Group’s market pricing business for £11m in a bid to become the “single source of truth” for retail financial services.
Diary of an Insurer: ManyPets’ Pierre du Toit
From pre-dawn toddler wake-up calls to board prep, model diagnostics and late-night electric-cello sessions, Pierre du Toit, chief data officer at ManyPets, offers an honest, energetic snapshot of balancing data leadership with real life.
Why insurers should be forced to signpost customers properly
Editor’s View: The Association of British Insurers and British Insurance Brokers’ Association’s signposting commitment is a step forward, but Emma Ann Hughes fears without rules and enforcement too many vulnerable consumers will still be left without access to cover.