Add to this the general desire to pass wealth to children and grandchildren and “you have a recipe for increasing interest and an ability to fund such arrangements,” comments Mr Lakey.
Mr Higgs also sees an increasing focus on the notion of intergenerational wealth, with many advisers starting to have far more interaction with the children of their clients.
“Protecting the wealth of the parent in later life is one way that advisers can ensure as much wealth is passed onto the child as possible,” he says.
Finally, the overriding question from clients when it comes to later life protection must be whether insurance merits just as important a consideration as savings in retirement.
“Most save and plan for their future retirement thinking of the things they will do when in good health,” says Mr Carter.
“They largely ignore what might happen in the years and months at the end of their lives when they are in poor health.
"What product will pay for that? Most are in denial.”
Kevin Carr and Suzanne Clarkson of Carr Consulting & Communications
