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Paradigm reveals move to protection diversification

Paradigm asked its members to detail which protection products they were currently selling.

The results revealed that:

96% write Term Assurance business;
94% transact Critical Illness Cover;
87% write Income Protection;
61% write Business Protection;
Only 4% do not write any protection business.

Earlier this year Paradigm launched a protection proposition offering its members either a Preferred panel offering whole of market choice or a Limited Panel. Both panels consist of leading protection providers.

John Coffield, Head of Paradigm Mortgage Services, said: “At a time when all intermediary firms should be actively engaged in cross-sale activity, it is particularly pleasing to see a high percentage of Paradigm member firms writing protection business.

"Over the last year we have worked hard to create opportunities for our members in an increasing number of product areas and our protection offering is showing strong growth. The figures for those writing critical illness, income protection and business protection show Paradigm’s strong penetration within the IFA sector. We offer an abundance of opportunities for financial advisory firms looking to expand and benefit from more attractive terms.

“As an absolute minimum all advisers should be looking at areas such as term assurance, so it is pleasing to see that 96% of our members are writing this business. Hopefully, this illustrates that Paradigm advisers are maximising their mortgage sales by writing basic protection business. While only 4% of those surveyed are not writing any protection business we will be working with these firms by providing support and information to help them add a new, potentially lucrative, income stream in 2009.”

Is protection diversification more important than ever? Have your say on this using the comment section below