ADVISER WISHES FOR 2025
The second half of our recent Protection Forum focused on advisers’ aspirations for 2025, highlighting the need for greater flexibility, accessibility, and customer focus in the protection industry.
A key theme was flexible insurance contracts. Advisers called for policies that adapt to clients’ changing circumstances, with better implementation of features like Guaranteed Insurability Options and simpler processes for upgrades or adjustments.
Discussions also stressed the need for mental health-friendly life insurance, offering exclusions or ratings instead of outright declines. This would reduce stigma and improve access for clients with mental health conditions.
Modernising underwriting practices was another priority, including updating outdated metrics like BMI and addressing exclusions, particularly for breast cancer. Panellists suggested offering rated premiums to ensure fairer access to cover.
Finally, advisers emphasised the importance of clearer customer communications, such as tailored annual statements and simplified key facts documents, to reinforce the value of protection…
“Annual statements from insurers should remind clients of the value of their cover, not just be pages of terms and conditions.”
“Simplified key facts documents are essential—if someone buys income protection, send them information about that, not a 200-page document covering everything they haven’t got.”
“We need more flexible insurance contracts. Clients’ circumstances will change over 40 years, and policies need to adapt to those changes.”
“It’s one thing to have features like Guaranteed Insurability Options in writing, but if the team handling it doesn’t know what they are, what’s the point?”
“We need mental health-friendly life insurance policies. Clients with serious mental health issues shouldn’t be automatically declined when exclusions for suicide already exist.”
“Offering exclusions or higher premiums for mental health-related risks would improve access to life cover and reduce negative perceptions of insurance.”
“The industry needs to do more to reduce the stigma around mental health and demonstrate flexibility for clients in vulnerable circumstances.”
“BMI metrics need updating. Many clients considered ‘obese’ by BMI standards are perfectly healthy, and current guidelines feel outdated.”
“More providers should offer critical illness cover with a rating for breast cancer rather than outright exclusions, as many clients would pay a little extra for peace of mind.”
“Breast cancer exclusions predominantly affect women, yet men can also develop it. This imbalance needs addressing.”
“Insurers should focus more on improving systems and processes for existing customers instead of prioritising new sales.”
“Clients shouldn’t have to choose between accepting large indexation increases or losing the feature entirely—there needs to be more flexibility.”
“Moving a relevant life policy to a personal policy is unnecessarily complicated—this process needs to be streamlined.”
“Guardian’s cover upgrade feature is fantastic. More insurers should offer upgrades so existing clients don’t feel left behind by new product developments.”
