Life insurance giant Aviva, has congratulated the UK’s financial advisers for helping them close the protection gap by encouraging new parents to take out life cover.
Mums and dads needn’t worry about the cost of cover with Aviva providing all new parents with free insurance up to the child’s first birthday.
Since the initiative launched in July last year, Aviva has provided over £50 million worth of free life cover to new parents looking for improved financial security and peace of mind.
Currently, 29per cent of all parents registered for the scheme are signed up via financial advisers.
Aviva, however, is looking to further this success by reminding advisers that the discussion of free life insurance is a great conversation opener as well as a way to raise awareness about the importance of financial family protection.
Aviva’s head of protection, Louise Colley, echoed this point by saying:
“It’s fantastic that 29per cent of registrations for our free cover came through Financial Advisers. We know that this is proving to be a real foot in the door for advisers, and recognise the importance of this as a conversation starter. All new parents want to know that their children will be provided for should the worst happen and registering for a year’s worth of free cover with Aviva makes it really simple for them.”
While 700,000 babies are born in the UK every year, 36,000 people die leaving financial dependants.
Worryingly, 56per cent of the UK’s five million families do not have adequate life protection in the event of death; another reason why Aviva’s Louise Colley is keen to close the gap:
“We really want to encourage advisers to use this as an opportunity to stimulate the market to reduce the protection gap, even if this does not long term result in a sale for Aviva. We all recognise the huge scale of the protection gap and hope new parents cover provides advisers with a new reason to have the conversation about protection and be able to approach the delicate subject of supporting customer’s families should the worst happen.”
