A worrying 52% of consumers don't see the value in taking out protection on their own life, according to a UK-wide study commissioned by Legal & General ahead of their annual Business Quality Awards.
The research, which surveyed to 2,000 consumers to understand their behaviour and attitudes towards buying protection, found the value of protection continues to be low. Over half (52%) didn’t see the value of protecting their own life, income or family, and only 12% would prioritise protecting their income.
When it camen to assessing the value of advice, 46% of consumers surveyed were happy to buy protection without consulting an adviser - and only only 30% had ever spoken to an intermediary about protection.
Craig Brown, Director, Legal & General Intermediary, comments:
“This research reinforces the fact that protection is still undervalued and the benefits of speaking with an intermediary are not fully understood by consumers. That’s why we’re continuing our support for the Business Quality Awards as well as launching the ‘Hero in the Middle’ campaign, which aims to reward and recognise advisers who have gone above and beyond their role while demonstrating the value of protection to families. It’s part of our commitment to ‘champion the champions’ of the protection market.”