Overcoming protection hurdles

We’ve got the support you need to stay in front

We know that talking to your clients about protection can be challenging. So we’ve got some tips and tools to help you get more out of these conversations.

Figures from our State of the Protection Nation Report show that just 35% of people have life insurance, 12% have critical illness cover and 9% have income protection.*

And while more people with a mortgage have taken out protection, the numbers are still worryingly low – 40% have no life cover, 71% have no critical illness cover and 81% have no income protection. *

We’ve got the tools and support you need to tackle any objections and have better protection conversations – helping your clients to understand both the value of protection and the value you offer through tailored advice.

*Royal London State of the Protection Nation Report, May 2018 

When it comes to selling protection to your clients, we know you can typically run in to some obstacles along the way. Clients may think it’s too expensive. It’s not really necessary. It’s maybe easier to go for an off-the-shelf option. Or it’s just too depressing to talk about.

Here are five easy tips you can apply to your sales process straight away – designed to help you overcome all of these hurdles.

Tip 1: Mention protection right at the start

If you’re a mortgage adviser, mention protection right at the beginning. By doing so you’re showing that protection is an important and valuable part of the full service you offer. So, when you first meet a client, tell them that part of your job is to make sure they’ll be able to keep their home and maintain their lifestyle, whatever the future holds.

Tip 2: Highlight the risks

Create a personalised risk report on our marketing studio to show your clients the chance of them dying, getting a critical illness or being unable to work due to illness or injury before their planned retirement age. So you can let the numbers speak for themselves in terms of highlighting the real need for protection.

Tip 3: Remind them of the value you add

Your clients may be tempted to buy protection online as they think they can do it themselves. Remind them of the added value you offer – everything from trusts and guardianship, to regulatory protection, to specially-tailored, bespoke solutions. By speaking to you they’re getting holistic protection advice.

Tip 4: Demonstrate affordability

Ask your clients to list their weekly trivial spending on things like coffees and takeaways. By showing how quickly these little luxuries add up, you can show that – in reality – they can afford protection even if they think they can’t. Using our lifestyle calculator makes this quick and easy.

Tip 5: Present a package

If your clients approach you with a mortgage enquiry, ask them what their ideal budget would be and then what their maximum budget would be. Within this range, you can factor in some protection solutions you know your client can afford without any ‘payment shocks’ further down the line.

With our tools and tips, we can help you get the most out of your protection conversations.

Visit adviser.royallondon.com/overcominghurdles to find out more.

LightbulbBetter protection conversations

Read our blogs which explore our top tips in more detail and take a look at new protection opportunities.

Part five of our 'Five top tips for better protection conversations' series - agreeing the protection budget.

Part four of our 'Five top tips for better protection conversations' series - talking about trivial spending habits.

What’s the news in protection? On the surface you could be forgiven for thinking there isn’t anything new, that protection is still generally being overlooked and undervalued.

Part three of our 'Five top tips for better protection conversations' series - asking open questions.

Part two of our 'Five top tips for better protection conversations' series - talking about risks.

Part one of our 'Five top tips for better protection conversations' series - signposting protection early.

Related articles

Highlight clients’ biggest risks

Show your clients their chances of being off work long-term compared to becoming critically ill or dying.

Understand your clients’ spend and budget

Do your clients say ‘I can’t afford it’? Use our lifestyle calculator to show them how much they spend on small bits and pieces. It soon adds up.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.