Conducted as part of Scottish Provident’s Women and Protection campaign, the study found that 75 per cent of IFAs see the directive as advantageous. Some two in three (63%) say that it gives them an additional reason to talk to their clients because this is something that will directly affect them and almost one in six (16%) are acting in the hope of bringing female clients on board before the directive deadline.
Less than a quarter (22%) view the approaching deadline as a threat. One in ten (12%) are concerned they will lose female clients as a result of the ECJ ruling coming into force, and nearly as many (10%) believe they will lose male clients, showing that the gender directive will cause prices to rise on both sides of the gender divide. Worryingly, some three per cent of IFAs **were not even aware of the Gender Directive.
Jennifer Gilchrist, senior product development manager at Scottish Provident, said: “In some ways The Gender Directive provides an immediate opportunity for the protection market.
"With prices on a range of protection products currently at an all-time low, our campaign is designed to paint a clear message that financial protection is a necessity and people should get it in place now before premiums increase. It is vital that everyone safeguards their families’ futures against unforeseen future circumstances. It is clear that women are especially vulnerable to the increased costs of life insurance following the directive, but there will likely be price rises across the board.
"IFAs should take advantage of this now and encourage clients to protect their families against the worst case scenarios. ”
