The added value of advised protection
Times are tight for everyone at the moment, and unfortunately, we don’t know when this might change.
It’ll come as no surprise then, that in the face of the rising cost of living, many people have changed their spending habits - at least a little - to help make their budgets stretch further.
The cost of living crisis has made us more discerning about how we spend our hard earned money. When thinking about buying new products or services, many of us, myself included, are increasingly on the lookout for options that offer a bit more. A bit more petrol in my tank, a bit more shopping in my basket – just a bit more bang for my buck, as it were.
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.
More articles you might like
The cost of living without protection
Britain’s cost-of-living crisis has hit us hard, and with ever increasing retail and energy prices affecting millions of households, protecting our income is now more important than ever.
Three things you might not know about Royal London protection
With a wide range of protection products that can be tailored around your clients’ needs and budgets, you can trust us to take care of your clients and their families.
How to place value on protection in tough times
It’s inevitable that during the current cost of living crisis, people will be keeping a watchful eye on their budgets - making savings where they can, so they can still afford the things that are important to them.
The impact of career changes on income protection
A job is rarely for life these days. On average, around 9% of people changed jobs each year between 2000 and 2018, ranging from a low of around 5.7% in 2010 to a high of around 10.9% in both 2017 and 2018.