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40% of consumers unaware of protection needs, says Swiss Re

The latest Swiss Re Insurance report reveals over 40 per cent of consumers believe they do not need life or income protection insurance.

In its latest study, the reinsurer found that 43 per cent of respondents claim not to need life insurance and 40 per cent believe likewise for income protection. The cost of protection is given as a reason for not taking out products, closely followed by lack of understanding.

But 65 per cent of people would be very or fairly likely to seek independent financial advice to understand their needs better, with 55 per cent of people saying they would pay for financial advice on savings.

A further 87 per cent expressed a preference for paying a one-off amount, and only13 per cent are prepared to pay an amount based on hours spent.

However, Swiss Re’s research also found that people are unable to distinguish between IFAs and those advising on a limited range of products. The majority of people who thought they could name at least one IFA mostly cited the high street banks. Other names believed by people to be IFAs include Allied Dunbar, AXA, Lloyds, Royal Life, Post Office and Richard Branson’s and Martin Lewis’s websites.

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