HL Partnership has reported a rise in the take up of multi benefit protection policies, which now account for over 50% of the network’s protection coverage for customers.
Multi benefit protection policies include life and critical illness with income protection as a further option.
Comparing the first quarter of 2019 to the same period last year, decreasing and level term assurance sales were down to 37% from 43%, while multi benefit protection policies jumped from 44% to 52% overall.
Shaun Almond (pictured), group managing director, said: “These statistics are indicative of the work we have done as a group over the past 12 to 18 months. Working closely with our insurance partners, technology providers and, vitally, our advisers, we have fashioned a platform which encourages and helps them to put protection at the heart of the advice process.
“The advisers in our network are now reaping the benefits of a programme of workshops, increased communication opportunities, which along with technology enhancements, have reinforced the protection message. Our CRM system has been designed to make the advice process easier with full integration of iPipeline and Solution Builder into the factfind, which in turn allows the adviser to quote on multiple protection scenarios and to a budget.
“Our advisers have increasingly recognised the added value, protection and peace of mind they can provide to their customers. The shift from pure life cover to a more nuanced and holistic approach to the different kinds of cover that customers need today, is an example of advisers’ willingness to discuss the other financial risks customers might face in the event of injury and inability to work, apart from just the importance of life cover.”