The product now offers protection for family, mortgages, loans and businesses from the consequences of death, terminal illness, critical illness or disability. FPI said that, in addition to the enhancing the product, it has also launched an online toolkit which includes a range of sales material for advisers to use.
FPI said findings from its recent Investor Attitudes report supported the product enhancements. According to the report, over half (58%) of people surveyed in Singapore said they are speaking to financial advisers about protection products, presenting advisers with a good chance to assess clients’ needs and recommend suitable products.
However, FPI said nearly a quarter (21%) of those who had spoken to an adviser about protection products had not purchased any, highlighting a notable proportion of people in Singapore that could benefit from a comprehensive review of their protection needs.
Whilst most (95%) people had some type of protection product, the FPI investor Attitudes report also revealed some gaps in cover in Singapore, with single people less likely to hold a range of protection products.
Chris Gill, general manager, South East Asia at FPI said: "The enhancement of the Global Term product means advisers in Singapore now have a more comprehensive protection product from Friends Provident International to offer clients. It’s great to see findings from the Friends Provident International Investor Attitudes report indicate that many people in Singapore are already speaking to advisers, and it presents advisers with a good opportunity to revisit clients and highlight and asses their protection needs.
"Whilst many people in Singapore have made some provision, to avoid potential gaps in cover, it’s important that clients have sufficient levels and types of protection cover in place."
