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Consumer awareness will close £2.3tn protection gap, says Friends Prov

Advisers must make consumers more aware of their protection needs in order to tackle the £2.3tn protection gap, according to Friends Provident head of protection marketing Mark Jones.

Jones says “education, education, education” has got to be the key to really closing the protection gap in 2009.

He says: “Take income protection for example, which we all know is suffering from disappointing sales. Recent research by Swiss Re shows that many consumers are largely unaware that IP even exists, and some don’t believe they have a requirement for any such product. But this research equally shows that, when made aware of the product and when educated on the benefits, people are positive and receptive to the need for protection.”

Jones says “disturbing consumers in the correct manner” can also go some way to convincing them of the importance of protection cover.

Jones says: “The current economic climate, and the recent changes to the Welfare Reform system provides the perfect backdrop for us to really convince people of the need and importance of protection and as an industry we need to exploit this to the full.”

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