Client fact-find interviews should be centred primarily on suitability for income protection (IP), a white paper will recommend.
The Income Protection Task Force's (IPTF's) latest report, set to be published on 7 April, argues an apparent focus on wealth management is hampering sales of "the single most important product available".
According to Peter Le Beau, who co-chairs the IPTF, current fact-find procedures are flawed.
"We need a fact-find in place that's more appropriate for IP," he says. "We believe the process as it is now is too complex.
"We're saying that, if advisers are looking properly at an individual's financial needs, IP will be recommended first in most cases. If someone loses their income, they can't really do anything."
The IPTF's second white paper on the IP market - the first was published in December 2006 - will propose a "battery" of 10 suggestions it hopes will improve UK sales of the product.
Le Beau says although there were 130,000 new IP sales in 2008, it would be "reasonable to assume" there were more than 20 million individuals who needed it. "Actual market penetration is low," he says.
Despite criticising an apparent focus by advisers on wealth management advice, "even though not many people have wealth to manage", Le Beau adds he "can sympathise" with this approach.
"The IP underwriting process is complex and can often result in people being rated up," he says. "It can also take up to 12 weeks to put a client on risk, plus there is the perception that insurance companies will not pay on claims."
The IPTF white paper will also propose a series of UK IP roadshows to ensure advisers are aware how important the cover can be for their clients.IFAonline
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