Omnium Wealth Management

Younger people ‘address protection needs too late’

Younger consumers are being encouraged to consider their insurance needs earlier in life, with three-quarters of surveyed advisers warning that they leave it too late.

A survey by Royal London of 205 independent financial advisers found that the majority, 74%, feel younger consumers are considering their insurance needs too late and that they should be encouraged to address the issue earlier.

A particular area for concern was income protection, with 87% of respondents stating that this type of product was “massively undersold”. Income protection is insurance covering people in the event of being unable to work due to illness or injury. Long and short term policies are available, with successful income protection claims paying out a monthly income for people up to the age of 70 if they are unable to work.

The research revealed that the main barriers preventing people from accessing income protection are a lack of awareness (52%) and concerns about affordability (51%).

Jennifer Gilchrist, Protection Specialist at Royal London, said:

“It’s clear from the research that we need to raise awareness of the benefits of income protection, especially among younger consumers.

“As part of this, we need to tackle the perception of protection being expensive.”

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