The results of our latest poll suggest the majority of the advice community is taking seriously the emergence of new lifetime income stream offers.
As we go to press, almost two in three of those taking our poll (64%) say they’re open to evolving their advice proposition to include an increased focus on lifetime income stream solutions for their clients.
While we’re not talking about traditional term life insurance products here, the emerging popularity of lifetime income streams appears to serve a complementary narrative, where one perspective around the important issue of certainty might be positioned as:
- What happens when my client dies too early? (Term Life Insurance)
- What happens when my client lives too long? (Lifetime Income Streams)
As we reported last week, latest research from TAL suggests there may exist a significant and untapped opportunity for all financial advisers – whether they are generalists or risk specialists – where its research has revealed only 38% of pre-retirees are familiar with this new income stream category and 87% would want to find out more if their super fund offered a lifetime income product solution.
Could the greater certainty inherent in the lifetime income stream promise create an opportunity for risk-focussed advisers to add another string to their bow? Could it offer a new value-add that can sit along-side life insurance advice? Could it open the door to risk specialists building an advice fee element to complement their commission income? Is the nature of life insurance advice itself evolving to a broader remit? Does this represent – as TAL’s research suggests – a significant but still largely untapped new opportunity for a large section of the Australian adviser community?
Our poll remains open for another week and we welcome your thoughts…
