1. Positive Developments in UK Protection Reasons to be Cheerful - 1, 2, 3 Nick Kirwan Head of Health and Protection

2. Reason 1 – things are getting better At the start of the CI Review… Sustainability  More sustainable definitions  Reviewability guidance Reputation & Regulation  Declined Claims  Reducing non-disclosure – clarity of applications and process  Clarity about how products work  Clarity of what’s covered and what’s not

3. Reason 2 – there’s more we can do Non-disclosure  Treatment at the point of claim  Law Commission proposals  Unrelated non-disclosure Total Permanent Disability  3% of CI claims – but 55% declined  Confusion with IP  One definition – many causes Income Protection  Build awareness  Simplify the transaction  Clarify the proposition  Improve the standard of advice

4. Reason 3 - People Need Protection Changes in society  Trend to self-employment  Reliance on two incomes  “Buy now, pay later” society  £27 billion savings gap  £1.3 trillion debt mountain Mind the gap  Life cover gap – £2.3 trillion 1  IP gap – £175 billion a year 1  Savings < £30k 2  Household income > £20k 2  People with protection 2 1: Swiss Re 2: Scottish Widows