A recent survey found that 58% of people would prefer insurance that pays a monthly income rather than a lump sum.

In view of the survey results Aegon, which carried out the survey of 1,300 adults aged 18 and above last month, has added critical illness (CI) family income benefit (FIB) and life with CI FIB to its online protection application service.

Now advisers can apply for all of Aegon’s Personal Protection benefits online.

The firm says this “builds on the improvements made earlier this year to upgrade the digital experience for protection advisers and save them time.”

These included quicker underwriting decisions, real-time indicative prices during the application process, the ability to apply for life protection on a single-life basis for two people in one online application and savings via Aegon’s multi-benefit discount.

Aegon said other changes advisers will notice include:

•     improved income protection illustration process, so advisers will know if there are any restrictions, based on their clients’ occupation and earnings;

•     the policy start date in the final confirmation screen to show exactly when the policy goes on risk, and

•     some small user improvements to make the online service easier to use.

Simon Jacobs, head of underwriting and claims at Aegon, said: “There will always be a need for cost-effective CI solutions, and with more than 50% of people interested in insurance that would pay a monthly income, access to our full suite of family income benefits online will help advisers find an affordable solution to suit a range of client needs.

“Earlier this year, we promised to deliver a series of improvements to our online protection service to save advisers time and improve their online experience.

“We’re pleased to release the next of these as we continue to invest in our protection business to help people achieve a lifetime of financial security.

“While each of these enhancements are simple, the combined effect of them will be a quicker and simpler protection application process for advisers.”

Advisers can now use the faster online service for FIB as well as Personal Protection and Whole of Life applications across all devices, and browsers.

They can access the revamped online services in the same way as they currently do – using the existing Aegon online services login page and their usual login details.