Financial Safety Net Campaign aims to inform consumers about life assurance
Thu, 09 Dec 2010
Two in five IFAs believe clients do not understand protection, according to recent research and Scottish Provident has urged advisers to support its education campaign.

A survey, conducted as part of Scottish Provident's Financial Safety Net report, questioned IFAs on their views of protection products and how they are perceived by consumers. It revealed that 94 per cent of IFAs rated protection as 'essential' for consumers to have as part of their overall financial planning . However, only between 1 per cent and 20 per cent of their clients ask about protection products. A third of IFAs said their clients believe that state benefits will provide the necessary financial support if they need it.

Susan Barclay, Head of Marketing, Scottish Provident, said: "Our Financial Safety Net Campaign is designed to help IFAs educate their clients on the benefits of life assurance and other protection products, which will provide a robust safety net should they need something to fall back on in times of need."

IFAs listed life assurance as the most essential if consumers could only take out one product. This was followed by income protection, critical illness cover and finally unemployment benefit.
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