Advisers face a pivotal year for protection as auto-enrolment and pension freedoms increase levels of financial engagement, Aegon UK’s Dougy Grant has said.
The protection director for the Edinburgh-based life insurance, pensions and asset management firm said: “As people start to get more involved with their financial planning, we might start to see a knock-on effect in the protection market and a renewed interest from people wanting to protect their retirement pots, for example.”
Mr Grant said that 2014 was a challenging and successful year for Aegon’s protection business, which saw in excess of 75 per cent in protection among wealth advisers and a 20 per cent growth in protection in 2014.
He attributed the growth to proposition enhancements the business had implemented and working closer with its platform business and advisers.
He added that over the coming year the firm planned to deliver a programme of developments, which would include product enhancements in both personal and business protection areas.