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Consumers happy to buy life cover without advice

Advice is the least important feature that consumers look for when taking out life cover, with low premiums and an efficient application process being the top-placed priorities.

Research from Hargreaves Lansdown found that only 11 per cent of 428 people surveyed seek financial advice when taking out life cover while 68 per cent focus on low premiums.

The findings showed that 25 per cent of consumers surveyed look for knowledgeable staff, 26 per cent want details on the provider and 12 per cent want to apply online or by phone.

Protection research manager Jonathan Briggs says: “This strengthens our argument that clients do not always want to go to an adviser. Most consumers are happy to go through life doing their own research and making their own decisions. Efficiency and speed is more important because everyone is in a hurry these days.”

Lifesearch head of protection Kevin Carr says: “This shows how uneducated consumers are. This should scare the FSA into action. Consumers have been brainwashed into thinking advice is not necessary and that price is the most important feature.”

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