Income protection insurance advice will become more challenging in future. This appears to be the message being sent by the majority of advisers in response to our latest poll on the impact of the new range of IP products on adviser/client conversations.
As we go to print, almost seven in ten (69%) think IP advice discussions will become more problematic from here. The number of un-decided advisers is reasonably high at 17%, where – understandably – there’s a group of advisers wanting the smoke to clear a little more before passing judgement.
…the majority of advisers thinking IP advice conversations aren’t going to get easier any time soon
So, with the majority of advisers thinking IP advice conversations aren’t going to get easier any time soon, the question is ‘where to from here’? To an extent, advisers and consumers will be voting with their feet, with any trends soon becoming manifest in the level of new business IP sales after 1 October 2021, and where those sales will land. That is, what will be the impact on new business volumes, and which of the insurers’ new IP product propositions will prove the most popular with advisers?
This is just the start of a new era for income protection insurance in Australia – an era that will hopefully be defined by a more consistent, affordable and sustainable sector for advisers, consumers and product manufacturers alike.
Our poll remains open for another week and we welcome your thoughts…