Moreover, as Loydon says, one type of insurance, such as critical illness cover, should not replace life insurance; they should be used in connection with each other.
She also advocates for advisers to take time to explore all the workplace benefits a client may have already, which could include some health insurance, life insurance or critical illness provision.
Gilchrist says it is important, given that 12.8mn UK adults have low financial resilience, according to the FCA, to encourage clients to make sure they have the ability to "withstand life events that impact their income".
She strongly believes all protection products should be considered and explained, as they are designed to meet consumers' needs with a range of options and flexibility.
Gilchrist adds: "Having insurance in place can make a real difference in helping with people’s financial resilience, but as it stands, concerns about affordability leave many thinking that cover is simply too expensive for them.
"Affordable solutions that suit low-income families or those on a tight budget, such as Fib or life or critical illness cover, and limited payment periods on income protection, mean no one needs to go without at least some cover in place."
Simoney Kyriakou is editor of FT Adviser
