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Pru Protect

Pru Protect. Current issues facing the UK protection market. PRUPM10459 27/11/09. Reducing price. Declining sales. Source: Swiss Re Term & Health Watch 2008. Source: Swiss Re Term & Health Watch 2007. The protection paradox. PRUPM10459 27/11/09.

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Pru Protect

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  1. PruProtect Current issues facing the UK protection market. PRUPM10459 27/11/09

  2. Reducing price Declining sales Source: Swiss Re Term & Health Watch 2008 Source: Swiss Re Term & Health Watch 2007 The protection paradox PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  3. The £2,300,000,000,000 protection gap SOURCE: Swiss Re Life & Health Ltd, ‘Term & Health Watch 2007’ PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  4. The world is changing….. • In the 1970s, only 3 in 10 newly diagnosed prostate cancer patients survived beyond five years. • Now it’s 7 in 101 Earlier diagnosis • In 1971 only 52% of women suffering breast cancer survived for more than 5 years. • In 2001 81% 2 Increased survival rates Increased incidence of suffering multiple illnesses • 20% of men and 30% of women will suffer a second heart attack within 6 years 3 The protection market needs to evolve • http://info.cancerresearchuk.org/cancerstats/types/prostate/ • Cancer Research UK website http://info.cancerresearchuk.org/cancerstats/survival/siteandsex/ • Source: Website BJM Best Treatment 2006 PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  5. Percentage of patients presenting with early stage prostate cancer over time 60% 40% % of patients presenting with early stage prostate cancer 20% 0% 1989-1992 1993-1995 1996-1998 1999-2001 Earlier diagnoses Source: Journal of Clinical Oncology, Vol 22, No 11 (June 1), 2004: pp. 2141 -2149 PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  6. Improved outcomes Source: Cancer Research UK website http://info.cancerresearchuk.org/cancerstats/survival/siteandsex/ PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  7. Multiple illnesses 20% men and 30% women will have 2nd heart attack within 6 years Source: Website BJM Best Treatment 2006 PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  8. Living longer but spending more time unhealthy Gap between life expectancy andhealthy life expectancy at birth (Great Britain) Source: National Statistics Website Release, 22 July 2004 PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  9. Traditional policies haven’t evolved to keep up Traditional critical illness policies: Don’t cover all body systems Don’t cover all conditions within a body system Only cover one event and end after a claim is made Payments can be a lottery PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  10. The Sunday Times, 28th Jan 2007 The Mirror, 28th Feb 2007 The Mail on Sunday, 26th, March 2006 “a staggering number of TPD claims continue to be declined” www.hi-mag.com, May 2004 Consumers have lost confidence PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  11. Consumers now need… & Cover that could allow you to claim again&again & again Cover that pays out for serious illnesses as well as life-threatening ones PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

  12. 20 August 2008 Less than 50% of employed peoplehave protection cover Credit crunch causes UK fund industry to plummet by 8% 29 July 2008 18 August 2008 Current market conditions could provide a huge opportunity for you to sell protection Mortgage lending in 2008 'to fall by a fifth' PRUPM10459 27/11/09 Advisor use only. Not approved for use with clients.

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