For this reason, Mr Coles adds: "Short-term is more relevant for millennials who are often in rented accommodation."
Julie Higman, income protection product manager for Aviva, comments: "Taking a short-term policy may be more attractive to millennials to ensure they at least have some cover.
"It could also keep down their premiums if budget is a concern."
Flexibility and affordability are twin wins for lifestyle insurance advice, says Peter Hamilton, head of retail propositions for Zurich. He explains: "For many millennials, their financial time horizon will not stretch much beyond the next few months, so it can be hard to position the idea of a plan with a 25-year-plus term.
"They may not yet, or possibly ever, be in a position to buy their own home, but are likely to be paying rent out of income that also supports a broader lifestyle.
"Social welfare provides less and less support."
While some millennials may have employers who offer income protection, many won't. Moreover, with the age range of millennials varying from 18 to 35, some people may have families of their own to protect.
Mr Hamilton adds: "For many millennials, there will be a protection need, although disposable income will need to be understood and managed."
What to watch out for
Short-term insurance products, such as lifestyle protection, may be a gateway for advisers to build up a low-cost client base among the young and maintain a relationship with them as they get older, wealthier and need ever-more complicated financial planning.
However, it is important not to let cost and flexibility blind prospective clients into choosing a product that might not be appropriate.
Alan Lakey, founder of the CI Expert, cautions: "If the marketing draws in those who would otherwise ignore such cover, then lifestyle insurance is fine.
"It is a way of introducing consumers to personal protection who otherwise would not bother.
"But what would prove unwelcome is if consumers buy such cover based on the low cost when they could afford, and therefore should consider, comprehensive cover to retirement age."
simoney.kyriakou@ft.com
