The report highlights that in times of economic downturn, protection products including critical illness, income protection and life cover remain resilient.
There is also good news for the business protection market. The importance of businesses protecting themselves against the possibility of the unexpected happening to a key individual is also becoming increasingly important. Almost three quarters (73%) of advisers questioned, believe the business protection market will either grow or stay the same over the next three years.
The survey also showed that although more than eight out of ten advisers (82%) chose price as one of the three most important factors to consider when recommending an individual protection provider, other factors also score highly among advisers. These include underwriting capabilities (53%), financial strength (38%) and product terms and conditions (39%).
The findings also suggest momentum is building for online support.
Advisers believe online tools, such as application tracking systems, are beneficial with over half (55%) saying they will help save time chasing cases. One quarter (25%) say that even though they have not yet used an online tracking system they would be willing to do so.
Stephen Crosbie, head of proposition - protection and investments at AEGON said: "Our research shows individual protection products are holding up well in the current economic downturn. Advisers and their clients clearly understand the importance of having adequate protection in place if the unexpected were to happen.
"Clients may be looking for ways to reduce monthly outgoings but advisers have an important role to play in ensuring they don't make false economies. Protection is the bedrock of everyone's financial portfolio.
"It is also encouraging to see that the initiatives both providers and the ABI have been putting in place over the last year have helped to improve the claims experience by reducing the number of declined claims. It is no surprise that only 16% of advisers surveyed chose claims experience as one of their top three most important factors to consider when choosing a protection provider."
