The risk your clients face without income protection

19 February 2019
Perhaps income protection and critical illness cover could be even more important than life insurance for your clients.

Christmas might seem like a distant memory now. The ceremonious switching on of lights, Christmas trees and decorations and everyone’s in great spirits. It's a time of year that we are reminded of the importance of family. For my family, it’s been a tough couple of months.

My mum and dad recently returned from a break in Tenerife. As always, they raced straight round to see my children having spent the last seven days pining for them! It soon became apparent that my dad wasn’t quite himself. Putting it down to the travelling, we all thought nothing more of it as we looked at their holiday snaps and they showered the kids with presents.

Less than 12 hours after they landed, I received a call from my mum explaining my dad was in hospital. He’d been taken into resus and the nurses were preparing to shock him. He had a heart rate of 189!

There are so many objections around taking out protection that it can be a difficult conversation to start.

This in itself led to a worrying few days. But to add to that, exactly a week before, we’d also received the news that my father-in-law could be facing cancer. In the space of a few short weeks things had changed so drastically. Hearing the news that both dads could potentially be facing something life-threatening came as a real shock.

Thankfully my dad is home and learning to take things easy while he awaits referral to a cardiologist for further tests. For my father-in-law, the waiting game continues. He is still undergoing tests so for the time being the family as a whole are facing another few months of uncertainty.

Now, I’m a glass half-empty person. I automatically assume the worst and worry about how everyone will cope. My mum was made redundant at the end of 2017 and although she was initially looking forward to more time spent with the family it means that they rely more heavily on my dad’s income. If concerns for his heart led to him being off work, it could have a devastating impact on their finances.

Marketing Studio

Working in protection means I know that there are a great range of covers available that might suit the needs of both sets of parents. But there are so many objections around taking out protection that it can be a difficult conversation to start - clients don’t see the need, it’s too expensive or quite frankly, they don’t want to think about dying. But as highlighted by my experience, someone’s circumstances can change so quickly that perhaps income protection and critical illness cover could be even more important than life insurance for your clients.

Our marketing studio can help you overcome these objections by opening your client’s eyes to the risks they face and what could be at stake. You can tailor the message to your clients by creating a report that’s individual to their circumstances. The sample report  shown opposite is based on a male similar to my dad, aged 60 and a non-smoker, and demonstrates the chances of him being diagnosed with a critical illness and/or facing a long-term absence from work.

By sharing your knowledge and expertise you can help your clients understand the true value of protection.

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About the author

Tracey Miller

Marketing Consultant

Tracey has been with Royal London since 2004 spending 7 years working with the Pricing team before moving in to the National Partnerships Marketing team. She is passionate about protection and enjoys creative writing. However, away from the office her time is consumed by her two young children!

Last updated: 15 Apr 2019

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.