We need more trust in protection
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Lifesearch’s Matt Morris calls for providers to improve their systems to encourage more consumers to use trusts.
Everyone agrees that trusts are an essential part of financial planning when buying Protection. It’s also no secret that not enough consumers take this option. From an adviser’s point of view, trying to get consumers to complete these forms, and the time taken to chase up these clients, can be difficult and problematic.
A good solution to this problem is for providers to offer greater online trust services to encourage the placing of more business in trust. It would make a big difference in simplifying the application process and is something that LifeSearch continues to push hard for. Friends Provident are the only life office who currently offer a quick and efficient service with processing times of approximately 1 – 2 minutes.
An online option makes it easier for advisers to run through and complete a trust application with their client. More policies in trust also leads to better business overall and there is anecdotal evidence that cases are less likely to lapse when they are written in trust because the value of advice above price has been effectively proven to the client.
At LifeSearch we have a new specialist trust team whose job is to explain to clients about the value of Trusts and help push them through the application process. But not every adviser (any other adviser?) has this kind of team and so for them, as well as LifeSearch, lengthy paper applications need to become a thing of the past. Online systems are the necessary trust solution for advisers and for consumers.
Lifesearch senior policy adviser Matt Morris
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