Seventy-one per cent of consumers do not choose the protection insurance most suitable for their circumstances and only 13 per cent select the product offering the best level of cover.Research from Lifesearch, which surveyed 1,001 people, found that in the 18-29 age group, only 12 per cent of respondents buy the product which best suits them. But nearly half of people aged 65 and over are most influenced by the suitability of the product for their needs. One in four who bought critical-illness cover say suitability is less important than price and convenience. Sixty per cent of people say they got advice as part of the sales process but only 27 per cent say they had spoken to someone who talked them through the wide range of products and recommended the most appropriate one for their needs. Head of protection strategy Kevin Carr says: “We need a better informed consumer, regardless of how they buy, whether it is with or without advice. We also need a level playing field between advised and non-advised markets. The research shows the very rapid swing of younger consumers towards the internet without advice and driven by price.”
Keydata sales director Mark Owen has dismissed research by IFA AWD Chase De Vere which criticised the group’s income property bond. AWD research manager Justine Fearns said Keydata’s six-year residential bond might struggle to find suitable investments to renovate in time to establish sufficient stable revenue streams from the US residential properties it is targeting. […]
The lack of Japanese smaller companies specialists makes the sector ripe for finding undervalued growth, according to Axa Framlington fund manager Chisako Hardie. Axa Framlington’s Japanese smaller companies fund launched last week and Edinburgh-based Hardie believes the Japanese economy is in a strong position. She says 3,000 of the 3,500 stocks listed on the Japanese […]
Sector concentration in the UK stock market has increased dramatically over 10 years while global markets have remained consistently more diverse according to research from Fidelity International.In 1996 less than 31 per cent of the UK market was concentrated in the three biggest sectors, energy, pharmaceuticals and banks. By 2002 the sectors accounted for around […]
Threesixty is offering a treating customers fairly tool to help advisers record customer complaint and persistency rates.
Johnson Fleming has received the ISO 22301 accreditation, which demonstrates the company’s ability to effectively understand and prioritise the threats to the business.
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Legal & General has appointed Mark Jones to the role of product director of UK protection, within its insurance division. Jones joins from Sun Life. He will be responsible for the developer of both retail and group protection products, and will report into the managing director for UK protection, Steve Griffiths. Griffiths says: “We are […]