- 73 gold ratings awarded across 11 different protection product categories
- Overall ratings for each category reflect strength of providers across 10 key features
- LV= and Guardian stand-out, with 11 and 7 gold medals respectively
- Full ratings and provider factsheets can be accessed and personalised for free by advisers at ProtectionGuru.co.uk.
Protection Guru has today unveiled its Protection Product Provider Ratings for 2022, designed to give clarity on the propositions of UK protection providers, helping advisers identify the strengths of each providers’ protection products.
16 protection providers took part in the ratings this year, with each of their products independently benchmarked across 11 different protection product categories. Each participating provider and product received a gold, silver, or bronze rating for their overall proposition, as well as for each underlying feature, in recognition of individual areas of excellence.
LV= and Guardian are among the most successful providers across many categories. LV= has been awarded 11 gold award medals across its Life Insurance, Critical Illness, Income Protection and Business Protection Insurance propositions, while Guardian received seven gold medals across its Life Insurance, Critical Illness propositions including Family Income Benefit.
|1. Life Protection
2. Mortgage Protection
3. FIB [Family Income Benefit]
4. Critical Illness
5. Critical Illness with Child – Enhanced CI + Enhanced Child
6. Mortgage Protection CI (Inc Child Cover) – Enhanced CI + Enhanced Child
7. Income Protection (Stable Earnings) – PSP
8. Income Protection (Stable Earnings) – FPP IP
9. Income Protection (Variable Earnings) – Mortgage & Rent Cover
10. BPI [Busines Protection Insurance] Life Only
11. BPI [Busines Protection Insurance] with Critical Illness
|Silver rating||1. Critical Illness with Child
2. Cover – CI + Enhanced Child)
3. Critical Illness with Child Cover – Enhanced CI
4. Mortgage Protection CI (Inc Child Cover) – CI + Enhanced Child
5. Mortgage Protection CI (Inc Child Cover) – Enhanced CI
6. Income Protection (Stable Earnings) – Mortgage & Rent Cover
7. Income Protection (Variable Earnings) – FPP IP
8. Income Protection (Variable Earnings) – PSP
|Gold rating||1. Life Protection
2. Mortgage Protection
4. Critical Illness
5. Critical Illness with Child
6. Mortgage Protection CI (Inc Child Cover)
7. FIB CI (Inc Child Cover)
Benchmarking key features
Using Protection Guru’s detailed product analysis insurer products have been benchmarked across 10 key features which have been most frequently selected by advisers using Protection Guru’s various benchmarking tools over the last 12 months.
Furthermore, Protection Guru’s unique analysis of critical illness propositions is conducted by its own panel of independent medical practitioners, which benchmark each provider’s critical illness definitions to establish the likelihood of a client being able to make a claim, along with how much will be paid.
Adam Higgs, Head of Research at Protection Guru, commented: “With so many different products and variations of products available on the market, it can be difficult to differentiate. These ratings are designed to help advisers quickly explain the difference between products in terms of the features offered and breadth of cover provided. It is great to see product providers such as LV= and Guardian performing exceptionally well across their business lines.
“This year we expanded our list of protection product categories, adding income protection for those with variable earnings. This new category recognises those products that have features designed to support clients whose income may go up and down during the term of the plan.
“It’s an exciting time for the protection industry. There is an overwhelming choice on the market, and we have been overwhelmed by the high standard of protection products available. Our independent analysis gives advisers confidence that they are choosing the right product for their clients’ needs, and Protection Guru remains committed to helping advisers and, ultimately, improving customer outcomes.”
Emma Astley, Managing Director at CoverMyBubble, commented: “I appreciate all the constant hard work that goes into reviewing and researching all the protection products on the market, for us advisers to use. It is a blessing in our inboxes every day. We receive the latest updates and news from the protection sector, allowing us to keep up to date with the varying and the endless range of offerings from insurers. This in turn, provides me and my team with the knowledge to pass on advice to our clients and families. These new product ratings add another opportunity for advisers to differentiate the quality of products and I am sure will be a great addition to a protection advisers toolkit.”