Armchair Critic: The problem with protection

Solutions for the modern world

clock • 5 min read

The trouble with protection, argues Professional Adviser's Armchair Critic Brendan Llewellyn, is your money can feel wasted unless something horrible happens to you. The sector needs to evolve and, he points out, it is …

That many consumers have inadequate or no life assurance and the overwhelming majority do not have any income protection cover is well documented. Reasons why? In discussions over many decades, I have encountered quite a list: * Consumers are ostriches - they don't like to acknowledge bad things may happen * Consumers are scared of dying or becoming very ill so they give the subject a swerve * Advisers prefer more interesting areas, such as investment * Advisers focus on older clients who are capital-rich and have less need for protection * Mortgage advisers used to sell prot...

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