The relative simplicity of some household insurance products means that consumers are more likely to purchase them directly, than long term savings products.
Over half of motor insurance (52%), and a fifth of property insurance (24%) is purchased directly by consumers, including sales via a price comparison website.
Long term savings & retirement products tend to be taken out with advice. Three-quarters (75%) of customers who purchased a pension, protection or other long-term insurance product had some form of advice.
Whether advice is taken depends on the product being purchased. Independent advice was taken by 66% of consumers in selecting a pension product. For protection products it was 61%.
