Fifth of life sales should be FIB - LifeSearch

LifeSearch is encouraging protection advisers to increase sales of family income benefit (FIB) products.

The advice firm has targeted 20% of total sales as being "the right level in a perfect world" after announcing it has now reached 10% itself.

Writing on the company's online blog, Tom Baigrie, CEO of the firm, said he felt FIB has long been the most undersold version of life insurance.

"Clients don't understand it as easily as they do lump sum cover, but for anything other than protecting debt repayments, FIB is much better value for families than level and decreasing term," he wrote.

"Who outside the City would not prefer a tax free income to the need to invest a lump sum and pay charges and tax before you see any spending?"

Baigrie added that he was pleased that 10% of LifeSearch's sales were FIB but hopes others will also it further.

"Advising over the phone has its limitations, when clients at first expect only sales pitches and price focus, so I wonder if we can take it to 20%, which I suspect is the right level in a perfect world?

"We'll give it a go," he added.