Protection conversations for existing customers

We’ve created toolkits for three key segments within your client bank - to help you revisit your clients cover, improve it, or re-introduce it.

It’s never a bad idea to check-in with your clients to make sure that their cover is up-to-date and that they understand the risks that they are vulnerable to.

In the time that has passed since your last conversation, many things could have changed…their priorities and outlook on life, the risks that could face them, and their probability of making a claim.

With all these things taken into consideration, we understand that it isn’t always easy to overcome objections to the cover plan you’ve suggested.

That’s why we’ve pulled together the below toolkits – so that it’s easier for you to have the protection conversation with your existing clients and achieve the protection plan you think is best for them.

Mortgage customers with no protection toolkit

Listen to our audio clip to discover more about this segment and get started.

0:01

Hello. I'm Vincent O’Connor, Senior Development and Technical Manager for Protection here at Royal London, and I wanted to talk to you about some opportunities for growing your business and how we can help.

0:13

At Royal London, we always strive to give you the support and the solutions that you need to help you with your customer conversations.

0:22

Now, it's true that many people feel uncertain and worried at different times of their lives - from health and well-being, to work and finances, and as their lives change, so do their priorities, and perhaps their awareness of the risks that could face them. This represents an opportunity for you to show the real value and quality of financial advice, and in particular, protection advice.

0:48

Now, of course, it's an opportunity we would like to help you with.

0:52

So, we’ve pulled together a useful toolkit for three key segments of your existing client base.

0:58

In this audio clip, I want to talk about your existing clients, for whom you've advised and arranged the mortgage, but perhaps for whatever reason, those clients have no or limited protection cover.

1:11

Are you able to identify them?

1:13

In fact, how would you start that segmentation process?

1:17

Well perhaps start by running a search for any client that you have arranged a mortgage for in, say, the last two years.

1:24

It's likely that they'll remember you as their adviser, and I'm sure they'll remember how helpful you were during that mortgage process. But can you drill down on that search a little bit further, to see whether they have any protection cover in place?

1:37

For whatever reason, they decided at the time they didn't want protection or, they didn't want to talk about it.

1:43

It's likely that they had other pressing priorities.

1:45

But, maybe they’ve gotten use to paying their mortgage payments each month, and maybe now they have some time to talk to you.

1:52

You can remind them about that statement that was on the quote illustrations and the mortgage offer that you provided for them. It says, ‘Your home is at risk if you don't keep up the repayments on your mortgage, or on other loans, secured against it.’

2:06

Explain that this is a really important statement and it's written by the Regulator for Financial Services, the FCA.

2:14

You're making contact with the client again to remind them that it was obviously important to arrange the mortgage financing to get the property, but it's just as important to make sure that, them, and their family…

2:26

are in a position to keep their home should the worst.

2:29

You can explain that you can have this conversation online or over the phone. It doesn't have to be face-to-face. And I think it's also important to explain how long the meeting should last. So, for example, no longer than 45 minutes. If you say that, that will help to set expectations, and also make it clear to them that you understand how valuable their time is.

2:49

And while you may feel that you made it clear to them, in your early discussions that the risk and need for protection was important, in our recent research, we found that whilst 97% of advisors said protection was mentioned.

3:03

Only 36% of customers remember it being mentioned.

3:06

So what does that tell you?

3:08

That, while you may be thinking that you're telling them something that they already know, you might actually be reminding them of something that they've forgotten.

3:17

So reaching out to your mortgage clients to have that protection conversation again, may help them realise the importance of having a plan in place.

3:25

And to help you make it easier to approach your clients, we've created customer facing paragraphs that you can simply copy and paste into an e-mail as an effective way to encourage having that conversation with them.

3:37

And we've got a variety of other tools, sales ideas, materials, all designed to support you as part of our toolkit. So why not get started straight away and create a contact strategy to get in touch with selected groups of clients from your own client base.

3:54

Offer them financial advice, and this could help build those future relationships. For more information on the support I've mentioned and access to your toolkit you can visit our website. Or of course, you can always speak to your usual Royal London contact who will be more than happy to help you. Thank you for listening.

 

Customer paragraphs

Send a pre-prepared message to your client

See our customer facing paragraphs that you can copy and edit - making it quicker and easier to start the protection conversation.

Cover options available

Show your clients our cover options and why they're so important with our sales aid.

Affordability calculator

Assess your client’s monthly outgoings and recommend how much cover they could be getting.

Your client’s risk report

Your clients risk report thumbnail

Show your clients the risks they could face to help explain why it’s important to have cover in place.

Customers with mortgage protection only toolkit

Listen to our audio clip to discover more about this segment and get started.

0:02

Hello. Thank you for listening to our audio clip today. I'm Shelley Read, Senior Business and Technical Manager here at Royal London, and I represent the protection side of our business.

0:13

At Royal London, we always strive to give you the support you need to help with your client conversations. That's why we pulled together useful toolkits for three key segments within your existing client bank that we think need the most attention now and in the future.

0:30

In this audio clip we’ll be looking at clients who only have mortgage protection. We'll discuss their characteristics and then show you how Royal London can help with our toolkit, provided to make the most of your protection conversations.

0:46

When you first arranged your client's mortgage and life cover, it may well have been that their priority lay with buying a new home and perhaps cost was an issue for looking into further protection or they maybe thought that the reason for taking out a menu plan would never happen to them.

1:04

The pandemic has made us all evaluate our well-being and the risks we face. So, might this be a good time alongside checking on your client's well-being, to bring the conversation around to their own financial resilience?

1:19

It's always good to catch up with your clients every so often to give reassurance about what they're covered for and what they're still leaving themselves maybe vulnerable to.

1:29

Using our sales aid that highlights the benefits of a menu plan, might help to demonstrate that even on a low budget, your clients can mix and match a range of covers, tailored to suit their needs.

1:42

Giving them peace of mind that they've done all they can to protect their mortgage, but also to protect their lifestyle and the home that they've built together.

1:52

Your clients who have faced financial hardship during difficult times may be all too aware of the risk of losing income.

2:00

They may be open to a conversation on their current protection needs, and how to minimize future risks, and also showing what can happen if they're sick and unable to work, might open their minds to further options.

2:14

Using our sales aid that highlights the need for income protection could help to convey the benefits of this cover in a simple and quick way.

2:24

To help you make it easier to approach both these types of clients, we created customer facing paragraphs that you can simply copy and paste into an e-mail as an effective way to explain why these options are relevant to them.

2:39

You could back this up further by showing your clients the risks that they face in a tailor-made report, just by adding in a few details that would be specific to them. You can even add your company logo and contact details to make the report that bit more impressive. We hope you found this audio clip helpful. As always, we are here to support you every step of the way with your conversations. So for further help, hints, and tips, please get in touch with your usual contact. Thank you for listening!

Customer paragraphs

Send a pre-prepared message to your client

See our customer facing paragraphs that you can copy and edit - making it quicker and easier to start the protection conversation.

The benefits of menu

Benefits of using a menu plan

Use this sales aid to show your client how you can mix and match covers to suit their needs and budget.

Menu conversation tips

This webinar will take you through key steps that’ll help you to nail your menu conversations.

Your client's report

Your clients risk report thumbnail

Show your client their chances of needing income protection and critical illness cover.

Customers due a protection review toolkit

Listen to our audio clip to discover more about this segment and get started.

 

0:00

Hello, I'm Gregor Sked, Protection Development and Technical manager here at Royal London ....

0:06

Today, I'd like to share with you some opportunities for growing your business, and how we can help.

0:12

At Royal London we always seek to give you the support and solutions that you need in order to have the best conversations possible with your clients. That's why we’ve pulled together useful toolkits for three key segments within your existing customer groups that we think need the most attention now, and in the future.

0:34

In this audio-clip, we’ll be looking at customers who haven't been reviewed in the last two years, so let's take a look.

0:41

As a starting point, it's always good to catch up with your clients every so often to check in on their well-being and to make sure that their cover still matches their needs.

0:51

For customers that you might not have spoken to in the last couple of years, what does their financial and personal situation look like now?

0:59

And how can we identify opportunities to make contact with them?

1:03

Well, the first thing to do is to identify who they are. So, why not start by going through your customer bank and segmenting those who you've advised but maybe haven't been in touch with in the last 24 months.

1:17

This might turn out to be a pleasant reminder for those who’ve forgotten they may actually have cover in place.

1:24

Therefore, this can be a good opportunity to go over what cover they have, but also what this means to them.

1:31

Are your customers in a better position now?

1:35

With a few years of mortgage payments, now under their belt and an increase in disposable income, or even the addition of new family members, has a change in the customer's priorities created new opportunities for protection?

1:48

Use this time to review if their cover still meets their needs. Do they need to consider increasing their cover? Were they accepted on non-standard terms or maybe charged smoker rates? But since your last meeting, they've made a significant lifestyle change that could reduce the likelihood of a claim?

2:05

If so, they could benefit from a lifestyle review that could reduce the premium, or even remove an exclusion.

2:14

If there's been an increase in one, or both incomes, and maybe a greater reliance on that income, could they benefit from hearing about income protection?

2:24

Using our sales aid that highlights the need for income protection could help to convey the benefits of this type of cover in a simple and quick way.

2:34

While it's probably no surprise that buying or maybe moving home, having a baby, and getting married, are seen as key reasons for taking it cover…

2:43

There are also other life events that might have happened, since you last spoke to your clients, which may encourage them to consider other kinds of protection.

2:53

According to consumers in our recent research, good reasons for taking out cover, were also children starting paid education, moving job, getting a divorce, starting to rent, and also having a pay increase.

3:08

And what if your customers family have grown?

3:11

This could be a good time to talk about trusts, wills and guardianship arrangements.

3:16

And our ‘Why use a trust?’ sales aid is a simple way to highlight the importance of putting a plan in trust.

3:23

And thanks to our interactive trust picker tool, it's also never been easier to find the right trust for your clients.

3:30

You can find our sales aid, trust picker tool, and further information within our toolkit.

3:37

What if your clients are in a worse position?

3:40

Again, we can support you during these type of conversations, So why not have a look at our customer facing paragraphs to help re-assure your client and take appropriate action?

3:51

It may be a difficult conversation to have, but remember, you're the expert. The fact that you've made contact with them shows that you're supporting them, but also your value to them in their time of need, which is something they won't forget, and hopefully will help build a stronger relationship.

4:11

So, those are our main tips and advice for customers who haven't been reviewed in the last two years. If you enjoyed listening to our audio clip, why not check out some of our other clips on our adviser website?

4:24

You'll find some tips to help with your conversations with existing mortgage clients with no protection and contacting clients with just mortgage protection, who might be in a position to have another protection conversation. Don't forget, you can find out more information about the support I've mentioned on our website.

Alternatively, speak to your usual Royal London contact, who'll be more than happy to help. Thanks for listening.

Send a pre-prepared message to your client

See our customer facing paragraphs that you can copy and edit - making it quicker and easier to start the protection conversation.

Lifestyle calculator

Review your clients daily costs to demonstrate how they could instead help protect their future.

Why income protection?

Cover of Why leave it to chance

Show your clients our income protection sales aid to help explain the importance of this cover.

The benefits of trusts

Cover of Why use a trust
See our sales aid or try using our our trust picker tool.
View sales aid
Try our tool

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.