Opportunity for income protection due to changes in Welfare Reform Act
Thu, 12 Nov 2009
The public is not aware of the repercussions of the Welfare Reform Act, according to IFAs .

Less than a tenth (8 per cent) of advisers believe that their clients have taken out adequate Income Protection (IP), according to research from Friends Provident . Even though 68 per cent of advisers are aware of the changes made through the Welfare Reform Act (WRA), their clients appear not to be as quick on the uptake.

The WRA, which replaced Incapacity Benefit with the Employment Support Allowance (ESA), recently celebrated its first anniversary as the Government aims to reduce those who are eligible for ESA by 1 million.

Only 28 per cent of advisers feel that the State would be able to give their clients enough money for them to live on by way of ESA. Despite this clear opportunity for Income Protection, 89 per cent of advisers who sell IP admit that they have not used the changes in the Welfare Reform Act as a tool to boost sales.
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