During the past month I’ve been discussing the different life stages and how they can affect the way protection is sold.
There is evidence that many people are choosing to start families later in life. Nowadays 29 is the average age for women giving birth to their first child, having gone up from 25 two decades ago. And nearly half of all babies born in 2008 had mothers aged 30 or over.
When my daughter was born I had the overwhelming feeling of wanting to protect her. As a parent this is a natural reaction and you spend the rest of your lives trying to do this. This is why the need for financial protection is more at the forefront at this time.
But most people will not consider protection until they start a family, so lifestyle changes could mean that some may not think about protection until as late as 30 years old.
Traditionally, protection is bought when getting a mortgage, but statistics show the average age for a first-time buyer is now 43.
To make any dent in the protection gap, advisers need access to the tools to target customers early in their lives and through their different life stages.
This will ensure they are protected at the best rate and also give advisers the opportunity to review their protection needs as their lifestyles change.
Many providers offer a wealth of materials, training seminars and sales ideas online. Advisers would benefit from logging on to see what is available.