Income protection sales have not been benefiting from the potential business opportunity created by the Gender Directive, British Friendly has said.
The income protection specialist reported growth in October but said it was not specific to gender changes as it had been experiencing growth for some time.
Steve Wanstall, head of sales at British Friendly, said: "We have not seen a great deal of rushing to take advantage of the incoming deadline. The potential complexities in the spectrum of products the industry provides mean there is a lack of understanding about IP.
"IP only represents about 5% of the overall protection mix. I have been speaking to a lot of advisers and I have not been inundated with people pushing IP because of the price factor."
Tony Columbine, director of advice firm Relevant Life Policies, said the Gender Directive had "certainly" driven a 10% increase in life protection business, but reported no additional take-up of IP.
He said the product was very under-sold and that it would need much more than the Gender Directive changes to push sales.
"People are put off by costs. IP needs real innovation including more flexibility, fixed-term benefits and lower costs initially," Columbine said.
"There is certainly potential for a revamp once the market settles after the gender changes."
Manchester-based advice firm The Clayton Hulme Partnership said it had not seen any significant impact on business from the gender changes.
But instead reported a 50% to 60% increase in IP sales through welfare reform awareness campaigning.
Director Chris Hulme said: "We have let clients know through website updates and in client meetings but we have not really seen the gender issue cause any pressing need to buy more protection.
"We have seen however increases in IP sales by concentrating on making clients aware of the welfare reforms."
He added that selling IP was more about engaging clients with the value of the cover and how it related to their circumstances as opposed to pushing the price factor.
