View more on these topics

LifeSearch’s Baigrie questions IP sales incentives

LifeSearch chief executive Tom Baigrie has questioned whether there is enough of an incentive for advisers to sell income protection, given the lack of clarity around state benefits and the work involved.

Speaking at an Income Protection Task Force event last week, LifeSearch chief executive Tom Baigrie said: “I wonder if there is enough incentive for advisers in what is not the most profitable area of protection sales, in spending the extra time going through IP.

“People confuse IP with payment protection insurance, they are not aware of shortfalls that may occur in welfare benefits in the case of disability and that requires more time and effort in the advice process. What we need is more widespread clarity on welfare benefits regulation as well as what the IPTF is doing, and I haven’t seen enough to suggest that the welfare regulations are going to be made clearer to really boost IP.”

Baigrie later told Money Marketing the lack of consumer awareness of IP, combined with complex welfare regulations, leaves consumers unable to work out whether they would be better off buying IP or not were they to become to disabled or ill in the future. 

IPTF executive committee member Roy McLoughlin says: “There is a belief with some people that if they claim on IP, they won’t be eligible for state benefits, which is very dangerous.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm