Poll Results – Life Companies and Hardship

Are you satisfied that the responses you are receiving from life companies are meeting your clients' needs during the pandemic crisis?
  • No (60%)
  • Yes (33%)
  • Unsure (8%)

It seems life companies still have a way to go to meet the expectations of six out of 10 advisers with regard to the responses they have received on behalf of clients suffering hardship due to the pandemic.

In our latest poll 60 percent said they were not satisfied that the responses they had received for their clients during the Covid-19 crisis would meet those clients’ needs.

Although nearly a third (31 percent) were satisfied with the life companies’ responses. Nine percent were unsure.

One adviser commented that “…it would be more heartening if the life insurance companies could all act together and have one blanket offering. What we have is confusing, time consuming for clients, advisers and staff to work out what they are all doing and there are inconsistencies between the companies”.

We had asked the question after our report outlining the different measures insurers were taking to ensure life customers financially impacted by the pandemic were not disadvantaged, garnered a great deal of adviser interest (see: Insurers Address Financial Hardship).

Our poll was also released just as Synchron provided a detailed summary of each life company’s position around supporting those facing financial hardship due to the Coronavirus crisis (see: Covid-19 Financial Hardship Update – Insurers Deliver).