Product category:
Protection
News Release from: Defaqto | Subject: Life assurance
Edited by the Insidemoneytalk Editorial
Team on 23 June 2008
Defaqto publishes fourth critical
illness report
Defaqto's annual critical illness report: "Critical Illness 2008 - Critical time for critical decisions" examines the current product offerings against a background of economic uncertainty.
On the one hand the downturn in the market traditionally favours the resurgence of protection business; on the other, because much protection business is linked to mortgages, which are in sharp decline, the outlook is less certain Protection products are 'sold' not 'bought'
This article was originally published on Insidemoneytalk on 30 Jun 2008 at 8.00am (UK)
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With life assurers and IFAs increasingly focussed on wealth management propositions and with mortgage brokers and bancassurers under pressure, there are fewer advisers persuading customers of the merits of protection.
"With the latest from the Retail Distribution review denigrating protection products to the sales category, where little or no advice is permitted, simple products will be required.
This may discourage badly needed product innovation." says Ben Heffer, Principal Consultant at Defaqto and author of the report.
The report reviews the developments in the critical illness arena over the last year and puts the spotlight on the current products.
The report examines the attitudes and preferences of advisers writing critical illness business and also includes the results of Defaqto's own IFA satisfaction study.
Defaqto believes that the current situation provides the unique opportunity to develop the critical illness market.
Heffer adds: "The opportunities for critical illness rest with product innovation and improved distribution.
Straightforward products that are targeted on basic client needs can be sold through banks and mortgage advisers looking for new revenue streams.
Quality innovative propositions can be marketed through IFAs as part of their wealth management activities.".
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