With the current economic crisis adding to a widening protection gap Linton Penman says consumers need to see the need for critical illness and advisers must embrace new products
According to Swiss Re's Term and Health Watch 2008 report, protection sales in recent years have been in steady decline. The protection gap stands at an impossibly huge magnitude that would not appear out of place in the non-stop commentary about the state of the US economy. So what is the protection industry doing wrong? Why is it that arguably the most developed insurance market in the world leaves so many of its consumers with wholly inadequate levels of financial protection in the event of adverse life events? In plain speaking, how is it possible that so many people in this country l...
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