According to Dave Sutherland, managing director of Neilson Financial Services (for British Seniors Insurance Agency), “People who call us do not shy away from this potentially difficult conversation. But when entering into a conversation about protection, it is important to listen and be sensitive to the needs of a client.”
Neil McCarthy, sales and marketing director for Direct Life, has a lot of faith in the adviser’s relational abilities.
He says: “Advisers are good at fact-finding and understanding clients’ needs, and being able to agree a financial solution which helps a client plan for a particular lifestyle and time horizon.
“During this process, the requirement for any planning for life insurance would be discussed, and older clients can be matter-of-fact about getting their plans arranged.”
However, there are issues to consider, such as the complexity of the care needs, whether they need to complete lengthy forms for underwritten insurance policies, as well as encouraging full and frank disclosure.
For advised policies, sometimes costs can soar, and, according to Mr McCarthy, “underwriting may seem complex and intrusive on large cases”.
Despite some of the complications and costs around later-life cover for people aged 50 and above, Jennifer Gilchrist, head of proposition design at Royal London, says: “Life insurance should be equally as important as any other advice.
“It is not a dirty word and it is never too late to think about covering yourself.”