Client-led protection interest stagnant despite Covid: Scottish Widows

'Elephant in the room'

John Brazier
clock • 2 min read
Client-led protection interest stagnant despite Covid: Scottish Widows

New research from Scottish Widows shows that financial advisers are not seeing more desire for protection products from clients despite the impact of the pandemic.

Research carried out among 200 IFAs in July this year found that 74% of respondents the number of client-initiated conversations about protection products had "remained stagnant" since before the onset of the pandemic. Despite the impact of Covid-19 causing issues such as reduced working hours, financial hardship and illness, only "a small proportion" of advisers said that their clients are proactively asking for professional advice on critical illness cover (7%) and life insurance (8%). ...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Self-reported symptoms of Long Covid drop during summer

Self-reported symptoms of Long Covid drop during summer

1.8 million at start of July

John Brazier
clock 05 August 2022 • 1 min read
Anna Glod highlights 'bad practises' of Utility Warehouse non-advised IP sales

Anna Glod highlights 'bad practises' of Utility Warehouse non-advised IP sales

“They were trying to sell an Income Protection policy to me without even checking what my occupation, earnings, or health was.”

John Brazier
clock 04 August 2022 • 2 min read
Alan Richardson: Futureproofing through inflation

Alan Richardson: Futureproofing through inflation

“A client’s natural reaction will be to see that their premiums are higher than first agreed”

Alan Richardson
clock 02 August 2022 • 6 min read