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Crunch is the time to turn to protection

Brian Lenz makes a good point regarding mortgages and protection in his recent letter to Money Marketing.

Recent research by ICM, commissioned with Swiss Re for this year’s Protection Review, revealed that 29 per cent of people do not have life insurance cover not because of cost but because “I haven’t thought about it” while another 16 per cent simply cited “other priorities” as the reason for not being protected.

The credit crunch is clearly an issue for all advisers and clients and will be for some time but it is creating significant new opportunities for advisers too.

Buying the cover they need will not stop families from putting food on the table, although credit and inflation worries may mean deferred purchases elsewhere and maybe fewer holidays and using the car less.

Unprompted, most people are unlikely to think of protection as a must buy just now but when times are tough, that is precisely the time when our thoughts turn more to the need for protection.

Advisers are ideally placed to show clients the benefits that protection offers, help them with their planning and recommend the right way forward for them.

Andy Couchman

Co-editor, Protection Review

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