Advisers not pushing protection outcomes

Mr Edwards also called the protection market far too complex and said that a culture whereby it was okay to ‘disappoint’ was prevalent, citing the example of one in four customers who an adviser recommends to a provider for a particular product with a particular price not being able to secure that product at that rate.

He also suggested more could be done to generate a positive view on the paying of claims. “A massive amount of claims are being paid but the public think that we only pay 38 per cent of claims, when the reality is that it’s close to the high 90s.”

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Indeed Royal London announced earlier this month that it had paid out 98 per cent of life cover claims over 2014, totalling just over £58m. Both Exeter Family Friendly and AIG Life also revealed high levels of claim payouts for last year.

Furthermore, both Zurich and Aegon recently updated their propositions to make it easier for clients to claim.