Protection: Survival of the fittest

The protection world can be a rather insular place, a somewhat austere, almost Dickensian world where the inhabitants beaver away in a rather primitive fashion, often placing a greater emphasis on cost than on the practical aspects of the products. In the area of wealth management, advisers frequently engage in stochastic modelling, tactical tilting and the use of multifarious asset allocation tools. By contrast, protection advisers consult premium lists and extremely basic catalogues of plan details where boxes are ticked highlighting some policy benefit or condition. All this can be ra...