Consumers change policy terms contrary to advice - research

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Over half of consumers change some part of their buying decision AFTER receiving advice and product recommendations from IFAs, new research suggests.

Client data compiled by Lifesearch, the protection IFA, reveals almost 58% of clients made a significant change, addition or omission to product terms prior to purchase in 2003, but after advisers had recommended the terms under which policies should be taken. Lifesearch was able to analyse its data because leads arising from the website measure the details of the original quote requested from our website as well as details of the actual the policy purchased, while phone leads record the original letter and details of the policy purchased. Further analysis of client purchasing data wa...

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