Deepak Jobanputra, product and actuarial director at PruProtect, said protection insurance should be compulsory at a media briefing announcing the company’s first half results.
Today Jobanputra responded to the provocative comments that followed his statement calling them “defeatist by nature” though he admitted absolute compulsion would be difficult to achieve.
He said that there was a very clear need for protection in a developed society.
Jobanputra said: “Families, individuals and businesses strive to progress and grow but often fail to protect what’s most important to them.
“The emotional and financial impact that an illness or bereavement can have on a family can be one of the biggest life changing events and to run the risks associated with the ensuing consequences can only be classed as gambling.”
He added that he would argue that everyone had a need for serious illness cover.
“[It is] quite a bold statement and may be a little extreme but one that aims to get across its importance,” he said.
“It is critical that consumers understand the risks they face and are in a position to make a conscious decision as to whether they wish to gamble or take action.
“In order to understand and genuinely meet consumers’ needs the role of advice cannot be overlooked.”
Jobanputra added that he believes advisers are best placed to help consumers with this fundamental aspect of their life planning.
“Absolute compulsion may not be an easily achievable reality but our aim must be to provide protection to our society,” he said. “This would provide much greater stability for our society and our economy, outcomes that are much sought after by all.”
