But this is not the case with everyone. Many advisers find it difficult to get the message across to their clients that protection is an important policy to take out, alongside the more exciting prospect of building an investment portfolio.

Financial Adviser conducted research into advisers’ selling practices, and the attitude and behaviour of clients towards their protection policies, as well as their experience of providers claims records.

Despite various campaigns for advisers to persuade clients to buy more complex policies, life insurance is the most frequently sold product. The biggest factor that puts people off buying protection is the price of premiums, indicating that it is still seen as an adjunct to their financial planning needs rather than a central part of them. In addition very few clients come to an adviser looking specifically for an insurance product.

There is a similar situation with products related to inheritance tax. Many advisers do not advise on IHT products at all, or it forms just a small part of their financial planning. Of those that do take account of IHT products, trusts and discounted trusts were the most popular product.

While a large number of clients were not aware of the need to plan for IHT, the majority of advisers feel quite strongly that the nil-rate band for IHT should increase. The biggest reason for people being caught out by IHT was the rise in property prices.

Advisers clearly need to be aware that all their clients’ needs are being met, from the most popular financial products to the least.

This special report is sponsored by Zurich. All editorial is independent.