Protection should be viewed as a tool to safeguard against financial damage or delay, such as ensuring if a person fell ill they wouldn’t have to dip into house deposit savings, sacrifice their existing lifestyle or extend goal timelines. In fact, ‘peace of mind’ was cited by 51% of consumers that hold protection as the main reason they have cover. This is messaging that is likely to resonate with consumers yet is often underutilised by the industry in consumer communications and marketing messages.

Supporting the narrative that younger consumers are more interested in protection than we first thought, AMI research also found these consumers are more likely than older consumers to initiate the protection conversation with a mortgage adviser. 32% of Gen Z adults say they asked their mortgage broker/adviser about protection insurance compared to just 7% of Gen X. If mortgage intermediaries are not providing an environment where protection conversations are sparked and developed, younger consumers may seek advice elsewhere (this could include via routes that may give the illusion of advice, such as finfluencers) or turn to ‘DIY’ online methods that overlook the interconnectedness and usability of different protection products.

Only time will tell if 2024 is the year we finally start to close the protection gap. It is crucial this is a collective effort from all those involved in the industry. Responsibility should not fall solely on advisers’ shoulders; providers also need to challenge themselves, adapt and not simply maintain the status quo.

As Albert Einstein once said, the definition of insanity is doing the same thing over and over and expecting different results. As the numbers of consumers that have protection show, we are yet to see different results. It is therefore imperative we use the likes of AMI Viewpoint research to change our mindset and approach if we are to grow the market and ensure more individuals and families are protected.