IFAs believe that the opportunities posed by the forthcoming gender directive, set to come into force on 21 December 2012, far outweigh the threats, according to new research from Scottish Provident in association with Unbiased.co.uk.
Conducted as part of Scottish Provident’s Women and Protection campaign, the study found that 75% of IFAs see the directive as advantageous.
63% believe that it gives them an additional reason to talk to their clients because this is something that will directly affect them and almost one in 16% are acting in the hope of bringing female clients on board before the directive deadline.
However, 22% view the approaching deadline as a threat. 12% are worried they will lose female clients as a result of the ECJ ruling coming into force, and 10% believe they will lose male clients, showing that the gender directive will cause prices to rise on both sides of the gender divide.
The research found that 3% of IFAs were not even aware of the Gender Directive.
“In some ways The Gender Directive provides an immediate opportunity for the protection market,” said Jennifer Gilchrist, senior product development manager at Scottish Provident.
“With prices on a range of protection products currently at an all-time low, our campaign is designed to paint a clear message that financial protection is a necessity and people should get it in place now before premiums increase. It is vital that everyone safeguards their families’ futures against unforeseen future circumstances.
“It is clear that women are especially vulnerable to the increased costs of life insurance following the directive, but there will likely be price rises across the board. IFAs should take advantage of this now and encourage clients to protect their families against the worst case scenarios.”