Loss of Licence and Income Protection
It is a highly specialised product with relatively few market players. There are varied products around - some cover psychological issues, others don't. Some have lump sums available to members who need to protect, for example, mortgages or other financial commitments - others don't.
As COS change - particularly with reference to retirement ages - so these insurance arrangements need to change.
For those interested in different alternatives, you can learn quite a bit from BALPA's in-house independent financial advisors website - BALPA Financial Solutions - contact Peter Gilbert the MD.
The main thing is to keep all of these things under periodic review and, where it makes sense, have alternative products available so that members varying needs can be met.