Multi-benefit protection policies include life and critical illness with income protection as a further option. From Q1 of 2019 to the same period last year, decreasing and level term assurance sales were down to 37% from 43%, while multi benefit protection policies jumped from 44% to 52% overall.
Mortgage and protection network, HLPartnership, has reported a marked increase in the take up of multi-benefit protection policies, which now account for over 50% of the network’s protection coverage for customers.
Multi-benefit protection policies include life and critical illness with income protection as a further option. From Q1 of 2019 to the same period last year, decreasing and level term assurance sales were down to 37% from 43%, while multi benefit protection policies jumped from 44% to 52% overall.
Shaun Almond, group managing director of HLPartnerships, said: “These statistics are indicative of the work we have done as a group over the past 12 to 18 months.
“Working closely with our insurance partners, technology providers and, vitally, our advisers, we have fashioned a platform which encourages and helps them to put protection at the heart of the advice process.”
This follows more workshops for advisers and its CRM system being designed to make the advice process easier,with full integration of iPipeline and Solution Builder into the factfind, which Almond said allows adviser to quote on multiple protection scenarios and to a budget.
He added: “Our advisers have increasingly recognised the added value, protection and peace of mind they can provide to their customers.
“The shift from pure life cover to a more nuanced and holistic approach to the different kinds of cover that customers need today, is an example of advisers’ willingness to discuss the other financial risks customers might face in the event of injury and inability to work, apart from just the importance of life cover.”
