Ageas Protect’s business protection package is based around its existing well-established term assurance and critical illness (CI) plans.
The package includes trust deeds that can be set up online without customer signatures using its innovative e-commerce system.
There is also a range of support items including information guides, calculators, case studies, approach letters and sales aids, accessible through a microsite. A 28 page adviser guide explains customer needs and how to fulfil that. Cases can be managed online.
Cover is available on single or joint lives, with waiver of premium (with a six months deferred period) on one or both lives. Terms are available from three years to end age 89 (but lower in some cases, e.g. if waiver of premium applies). There is no maximum sum assured (in practice the limit is what can be reinsured on reasonable terms). The CI cover follows Ageas’ well-regarded CI plan.
What They Say
Managing director Darren Spriggs said: “Most businesses buy insurance to cover the things they consider vital to business continuity, such as buildings, stock and equipment. But their most vital asset is their people – so it makes sense to offer businesses a flexible product which covers their key personnel and helps them plan for all eventualities.”
What We Say
"There are really three elements to successfully selling business protection. First, you need the necessary technical knowledge and practical understanding of what to do. Next you need the right underlying protection products. But third, you need the insurer to make life as simple as possible for you and your client because the process can be more time consuming and difficult than personal business."
"Ageas Protect is one of our more innovative providers and it looks to have addressed all three requirements rather well. In particular being able to set up a trust online without needing a wet signature and the 28 page adviser guide will be welcome to intermediaries whether new to this sector or not. One minor criticism of that is that it still refers to the 1944 Parliamentary Answer setting out the tax position on key person policies but omits to mention the more recent HMRC guidance under BIM45525; but this is a minor point and the guide is one of the best we have seen.
"If you’re new to business protection, it’s worth reading through the microsite fully and then planning how best to get into this growing market."