Income protection is hardest to sell say advisers
Mon, 22 Nov 2010
Income protection has been ranked as the most difficult protection product to sell, according to hundreds of advisers.

A poll conducted by Defaqto revealed that 500 IFAs who deal in individual protection products, claim that clients are still unwilling to protect themselves even though the financial crisis has shaken job security.

Ben Heffer, protection specialist for Defaqto, said: " Income protection is the most difficult protection product to sell. There are a number of potential challenges when selling income protection. There is a lack of client understanding and this is particularly acute for income protection as it requires people to understand their potential ongoing needs. People do not think they need it."

The study pinpointed affordability as a primary reason for consumers choosing other forms of protection. The research found that income protection has also suffered as a result of the rise of critical illness cover . However, researchers said it is important that advisers do not sell critical illness cover as a substitute for income protection as these products cover different situations.
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