The added value of advised protection
You could say that these days, people are increasingly interested in options that offer them real value, and when it comes to protection policies, this attitude is no different.
But of course, consumers could be forgiven for thinking that rather than getting more bang, financial products are likely to be more of a damp squib.
So, what can providers and advisers do to help reassure clients that a recommended plan will not only be there for them and their family if the worst happens, but provide real value and benefits for them during the tough times they’re facing right now?
Recommending plans which include relevant tangible and immediate benefits for clients could really help bolster your protection conversations.
No doubt you’ll be aware of some of the current issues people in the UK are facing around timely access to GPs and other NHS support services. That’s one of the reasons our advised protection plans include our Helping Hand service*, at no extra cost.
This service includes access to a range of third-party early care wellbeing services for the plan owners – such as a 24/7 virtual GP and personalised physiotherapy and mental health support. What’s more, it includes access to a dedicated nurse, through the nurse advisory service, RedArc, for the plan owner and their partner and children.
Added value services like Helping Hand can play a big part in helping clients feel reassured that they’re getting value for money by giving their policy worth in the here and now – not just in the far and distant future.
Additionally, when clients are looking for the best value option in terms of a protection policy, it’s important to remind them that, depending on their needs, this doesn’t necessarily mean the cheapest option. It’s important to remind people about what they’re trying to protect, and what they could lose if they make the wrong choices. After all, the range and complexity of many protection products - especially when looking beyond life cover, towards critical illness or income protection options - can be difficult for consumers to navigate on their own.
And when helping clients to understand the advantages of choosing advised protection products rather than a direct offering, recommending plans which offer both immediate and long-term benefits for them can be another way to help further highlight the value of advice.
* Helping Hand is a package of support services and each service is provided by third parties that aren’t regulated by either the Financial Conduct Authority or the Prudential Regulation Authority.
These services aren’t part of our terms and conditions and don’t form part of your insurance contract with us, so can be amended or withdrawn at any time.
This means that your client or your clients family’s access to these services could be amended or withdrawn by us in the future. Please visit the Helping Hand service page for more information.
