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Compulsory protection not easily achievable
PruProtect has admitted that making protection compulsory for everyone “may not be an easily achievable reality” after saying last week it would lobby for mandatory protection.
Deepak Jobanputra, product and actuarial director at PruProtect, said protection insurance should be compulsory at a media briefing announcing the company’s first half results.
Today Jobanputra responded to the provocative comments that followed his statement calling them “defeatist by nature” though he admitted absolute compulsion would be difficult to achieve.
He said that there was a very clear need for protection in a developed society.
Jobanputra said: “Families, individuals and businesses strive to progress and grow but often fail to protect what’s most important to them.
“The emotional and financial impact that an illness or bereavement can have on a family can be one of the biggest life changing events and to run the risks associated with the ensuing consequences can only be classed as gambling.”
He added that he would argue that everyone had a need for serious illness cover.
“[It is] quite a bold statement and may be a little extreme but one that aims to get across its importance,” he said.
“It is critical that consumers understand the risks they face and are in a position to make a conscious decision as to whether they wish to gamble or take action.
“In order to understand and genuinely meet consumers’ needs the role of advice cannot be overlooked.”
Jobanputra added that he believes advisers are best placed to help consumers with this fundamental aspect of their life planning.
“Absolute compulsion may not be an easily achievable reality but our aim must be to provide protection to our society,” he said. “This would provide much greater stability for our society and our economy, outcomes that are much sought after by all.”
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chris gardner wrote:
cant wait to see them trying to insure somebody with cancer. what an idiot this guy must be. The lady who lives next door to me sells garden furniture. Might ask her if she wants to lobby for complusory garden furniture.
13 September 2011 14:37:52 GMT
Recommend? (0)Richard Dicks wrote:
I think the idea is you obtain cover before you get cancer, so then you/your family receive a payment to ensure they are better off financially than they would be relying on the State. My sister in law just died from cancer but at least she had the foresight (good advice from Moi) to take out life cover. Jobanputra may be an optimist but his reasons are sound.
13 September 2011 16:16:41 GMT
Recommend? (0)chris Gardner wrote:
@Richard Dicks think about what you are saying...child born with a disease, man who had cancer, congenital illness etc etc etc - all now third class citizens behind the insurables. There will be those who can and those who cant. mass enforcement like he is suggesting is fascism isnt it?
13 September 2011 16:35:48 GMT
Recommend? (0)Richard Dicks wrote:
I think the point is, very similar to the issue with pensions is that a high percentage of people if left to their own devices will do nothing if their arms are not twisted, leaving the State/their family to pick up the pieces and frankly that is just not good enough.
13 September 2011 16:43:31 GMT
Recommend? (0)chris gardner wrote:
then if we feel we need to enforce insurance it should be written without medical questions.
13 September 2011 16:49:40 GMT
Recommend? (0)Richard Dicks wrote:
I think that is a good idea as long as it is for a set amount, say £400,000 or an income of £2,000 a month, index linked, and it must be started from a certain age so it is affordable. Problem sorted. :-)
13 September 2011 17:15:04 GMT
Recommend? (0)chris gardner wrote:
Richard, is that what the NI fund is for. Cheapest and easiest way would be to up the NI contributions
14 September 2011 08:50:13 GMT
Recommend? (0)Richard Dicks wrote:
That could be the answer but then people are reliant on the State again.
15 September 2011 12:43:49 GMT
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