CIExpert’s recently-launched ‘Single is Best’ campaign has received support from LifeSearch and Reassured.
The campaign urges the industry to pledge support for prioritising Individual Protection plans as the preferred choice for couples. It advocates that advisers should actively encourage Individual Protection plans and shift compliance guidelines to justify any recommendations for Joint Life First Event plans.
ADVISER RESPONSE
CIExpert says it is very pleased with the industry’s response, with many advisers have also signing the pledge, many of whom shared personal comments on how this issue has impacted their clients’ lives – and in some cases, their own.
Alan Lakey, director at CIExpert, said: “The response so far clearly shows the industry’s passion for this issue. It’s encouraging to see such strong support from leading distribution firms and advisers alike.
“Many of the advisers who signed the pledge shared first hand experiences of how these decisions impact lives, underscoring the importance of this shift.”
“we’re delighted to sign up to the pledge and support the CIExpert ‘single is best’ campaign”
Paula Bertram-Lax, chief customer & people officer at LifeSearch, said: “It’s important to recognise today that people’s lives are no longer linear, and the ‘traditional’ milestones of getting married, buying a house, starting a family and settling down aren’t always the path that people follow – in fact, they rarely do.
“At LifeSearch, we’ve recognised this among our clients for some time now, and to uphold our purpose of ‘protecting people, properly’ our advice needs to be better prepared for future changes.
“It’s for these very reasons that we’re delighted to sign up to the pledge and support the CIExpert ‘single is best’ campaign. Recommending 2x single policies for couples’ protection needs offers a more solid starting point for advice – providing for more tailored coverage, greater flexibility and better value.
“And, importantly, a demonstrable commitment to better customer outcomes and alignment with Consumer Duty.”
Lucy Brown, senior corporate relationship manager at Reassured, added: “Ensuring our clients can access the best possible protection outcomes available is fundamental to the principles we have at Reassured.
“CIExpert’s ’Single is Best’ campaign and the insights in their latest report, clearly evidences the reasons why individual plans offer our customers better outcomes than joint plans so Reassured are fully behind both the campaign and pledge.”
MEANINGFUL DEBATE AND BENEFICIAL CHANGE
Lakey concluded: “The campaign highlights the need for an industry-wide reassessment. Currently, many consumers are left with suboptimal policies for marginal savings.
“Additionally, numerous advisers expressed concerns that compliance requirements often prevent them from recommending what they feel is best for their clients. This reinforces the need for a meaningful debate that can lead to real, beneficial change.”
