Purchasing property is the most popular reason for clients to take out a new protection policy, Scottish Provident’s Financial Safety Net report finds.
The survey of over 900 IFAs shows 92% of those asked said getting on the property ladder is the main reason clients seek protection.
The second most common trigger is having children, which was cited by 80% of IFAs and the third is to give peace of mind about the future.
Life insurance was by far the most popular policy taken out, selected by 82% of IFAs as the product their clients are most likely to purchase, in comparison to critical illness at 9%, income protection at 6% and unemployment benefit at 3%.
Susan Barclay, head of marketing at Scottish Provident, says: “Our research confirms that IFAs’ clients are mainly prompted to take out protection products when they experience large life changes, such as buying a property or having children.
“However, while we all hope the worst won’t happen, consumers often need protection when they least anticipate it so it’s vital they are prepared for the future regardless of their current situation.”
John Joseph, independent financial adviser at John Joseph Financial Services, adds: “The Chartered Insurance Institute suggests that all IFAs follow the acronym PIPSI when designing the formulae for looking after a client – Protection, Income, Pension, Savings, Investment. It is time all IFAs followed this suggestion, in that order.”
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Submited at Thursday, March 3rd, 2011 at 3:00 pm on Uncategorized by sofia
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