And although CI contracts do not typically cover mental health conditions, many policies now offer access to value added services that come with mental health support.
Saying that, Knowles argues the industry still needs to “move away from this stigma that mental health isn’t as serious as physical conditions”.
And although value added services can be useful, she would “caution people to double check exactly what they are covered for”.
“These services can have ‘limits’ over the mental health conditions, and the severity of symptoms, for which they are prepared to offer support. In some instances people are being signposted back to their GP, rather than finding the service useful,” she adds.
Disruption
Although there has been some innovation in the protection industry, providers continue to have one eye on the future for any possible threats to the industry that might steal their thunder.
The likes of Google or Amazon always pose a threat as they have the money, technology and brand power to certainly disrupt markets.
McKenna says: “Any market where the operating methods are substantially the same as they were 50 years ago is extremely vulnerable to disturbance, especially with so many major scientific advances taking place.
“The technology providers who supply wearable devices are in a very strong position to disturb traditional insurance relationships and distribution. We all need to be aware of this challenge and evolve products and services before others come along and disturb them.”
