Ageas has increased the commission it pays to financial intermediaries when clients buy income protection policies, to match the level paid on its other products.
A financial adviser recommending income protection from Ageas can now earn the full commission rate, where previously they would have a lower rate than is paid on other Ageas protection products.
The new income protection commission rate will match that paid on life, critical illness and family income benefit policies and will apply to applications submitted from 1st February 2013.
Steve Casey (pictured), head of marketing and propositions at Ageas Protect, said: “Income protection should be the first protection benefit people buy when they start work, to protect their long-term income if they are unable to work through illness.
“Despite its huge potential, life insurers have historically paid lower commission rates for income protection than for term and critical illness cover, and take-up has remained low.
“By harmonising commission payments across our product range, we’re eliminating any potential product bias and ensuring that advisers get the same commission rate whichever combination of term assurance, family income benefit, critical illness cover or income protection best meets their clients’ needs.”
