Highclere Financial Services partner Alan Lakey says financial sector employees will struggle to get put on risk as more underwriters start to cherrypick.
Lakey says: “Anyone who feels their position is potentially vulnerable should do something now because they may be able to get cover today but probably won’t be able to get cover in two or three months. In fact, it might even be too late by now.”
Direct Life and Pensions Lifequote key account manager Phil Jeynes says that insurers will deny consumers cover because the policy is only being taken out because the customer fears that redundancy is imminent.
But Lifesearch policy adviser Matt Morris says the increasing redundancy rate has made no difference.
He says selling protection is “no more difficult than usual”.
CBK Colchester principle Peter Chadborn says the growing redundancy rate is a perfect opportunity to generate new business.
He says: “The current conditions emphasise the need for regular advice.”