The Exeter reports majority of adults in the UK are willing to wait for advice before purchasing insurance

According to The Exeter’s ‘Health & Financial Fears’ report, 80% of adults in the UK prefer to consult an adviser before buying an insurance product, including Life Insurance, Income Protection (IP), Private Medical Insurance (PMI), and Cash Plans.

Related topics:  The Exeter,  Advice
Tabitha Lambie | Editor, Protection Reporter
8th January 2024
Financial Fears
"It’s important that we work together to further improve our messaging around claims payments so that we can increase consumer trust in the products we sell."
- Steve Bryan, Director of Distribution & Marketing at The Exeter

Of those surveyed (2,000), 26% said they would wait to purchase a policy if it meant receiving independent financial advice beforehand, but only 35% of those number were willing to accept overly lengthy delays in the advice process.

The Exeter said this appetite for financial advice is encouraging, and “plays a key role in building consumer trust in insurance.” But more must be done when building trust around whether a policy claim will be paid or not.

Only 58% of those surveyed were confident that a claim on their Life, IP, PMI policy would be paid, demonstrating the challenges faced by the industry when educating consumers on the real-life value that these products offer in the event of ill-health or injury.

Steve Bryan, Director of Distribution & Marketing at The Exeter, said the role of advisers will continue to be pivotal, “especially in the evolving financial and regulatory environment in which we operate.” He believes that 80% of consumers delaying or holding off on an insurance purchase until they’d sought professional advice is testament to the level of service provided by advisers.

“The level of financial and wider support provided by the industry should be applauded, but if we aren’t communicating these messages to consumers in a way that resonates with them, then we aren’t doing ourselves justice,” he concluded.

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