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Campaign dangers

The Money Marketing campaign regarding supermarkets selling life insurance direct makes some good points regarding the need for advice and the danger of misbuying. However, this is a somewhat narrow and dangerous view:

First, it presupposes that the consumer knows little or nothing about what they are doing and therefore will buy the wrong product – a dangerous assumption, in my opinion. You would hope that the balance of intellectual capital is always with the adviser but that is not always the case. Just look at endowment and precipice bond sales. Finally, where might this stop? If direct offer promotions of life insurance are stopped this might impact on Isas, stock- broking or any other direct offer purchase.

I am sure there are occasions where people misbuy but surely it is better to have some life insurance than no life insurance at all. Yes, one purchase in 1,000 may be useless because of the way that it has been written but the other 999 will be a positive step at least. Danny CoxChartered financial planner,

Hargreaves Lansdown,

Bristol

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