The tool makes it easier to start conversations about protection and demonstrate the value of your advice. It brings the benefits of menu to life and helps clients see the bigger protection picture.
We’ve always believed we’re stronger when we work together.
Our menu tool makes it easier to talk about protection,
and demonstrate the value of your advice.
The tool brings the benefits of menu to life in a quick and simple way, showing clients how they can get more cover for life’s uncertainties...
They can see how menu means cost effective cover...
and can offer more opportunities to claim.
Our menu tool shows three options based on the information provided. Allowing them to pick a Menu Plan tailored to their unique needs and budget.
Plus, for added value, all our Menu Plans come with our Helping Hand support service. Life might be complicated, but protection needn’t be.
One plan provider, multiple covers, real value. We love it when a Menu Plan comes together.
Visit our website to try the tool.
With a range of sales tools and support, we’re here to help you provide the best options for your clients.
Here are just some of the resources you can use to help support your conversations.
In this webinar, our Protection Development and Technical Managers, Shelley Read and Gregor Sked, will take you through key steps that’ll help you to nail your menu conversations.
In this webinar, our Protection Development and Technical Managers, Shelley Read and Gregor Sked, discuss the importance of including Income Protection as part of a Menu Plan.
We want to help you have compelling Menu Plan conversations - that’s why we’ve put together some useful hints and tips to help you bring the benefits of Menu Plans to life.
Income Protection doesn’t take centre stage in client conversations quite as much as Life or Critical Illness Cover. In this blog we explore why this is and what you can do.
Hello. Thanks for listening to our audio clip today. I'm Shelley Read Senior Intermediary Development and Technical Manager here at Royal London and I represent the protection side of our business.
We’re proud to have a simple to use and flexible protection Menu Plan. Once you’ve carried out a protection analysis and agreed the financial risks your clients may face should they become ill or sadly die prematurely, then the menu will allow you to mix and match a range of covers to suit not only your client’s needs but also their budget.
This might include mortgage protection, some level term, extra family cover, or some Life or Critical Illness Cover. You can also include monthly benefits, like Income Protection or Family Income Benefit.
Each cover can have a different term, a different amount, or a different protection product. You can even choose different owners for each cover under the one plan, so one life could be covered for a higher amount or for longer. It also means if there’s a claim for one person the other still has their cover intact. And to further ensure the plan suits your clients’ current needs, you can choose whether each cover is decreasing, level or indexed to future proof your advice.
We also provide your clients with Free Cover as soon as they’ve completed their application, so they’re protected even before their plan starts or they’ve paid a premium.
The cover available on our Personal Menu Plan can change with your clients. So if it’s protecting their mortgage, family, or the lifestyle they’ve built – we’ve got it covered. All with just one application, one plan charge and one direct debit.
I hope you’ve found this audio clip helpful and given you more reasons to tailor your clients’ protection cover with our Personal Menu Plan. As always, we’re 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. Thanks for listening.
Welcome to this podcast brought to you by Royal London, I’m Shelley Read, Senior Intermediary & Technical Manager and today I would like to chat to you about all things Income Protection.
There may never be a better time than now, as we come through the other side of this pandemic, to discuss Income Protection with your clients. They may be feeling vulnerable about their own health and it could be just the right time to ask the question “how would you manage?”, or possibly more importantly, “what would you like to happen if you had to take some time off work through sickness?”. I think most clients would like to ensure that they could maintain their mortgage payments, household bills and other regular fixed monthly expenses, but sadly for most clients, they have nothing in place to achieve this goal.
Once you’ve had this conversation with your clients and agreed Income Protection is needed, then one of the barriers to proceeding is often cost. Income Protection doesn’t have to cost as much as you might think. Modern Income Protection polices offer a range of low cost options, so you can tailor the policy to suit not only your client’s needs but also their budget. You can decide between level and increasing cover, select the length of deferred period and choose how long you want the cover to pay out for. All these options will have a huge effect on the monthly premium, and remember as part of a Menu plan, all policies are flexible to change with the client’s evolving financial and family situation.
Often clients will still believe that should they need to take time off work due to sickness or injury then either their employer or the State will support them. It’s important for you, as advisers, to discuss exactly what employee benefits are available through your client’s work, and however generous it is, it’s always worthwhile looking to tailor an Income Protection solution to start once this sick pay comes to an end.
Many clients will also be unaware, and possibly shocked, at the levels of Welfare Benefit state sickness support. Statutory Sick Pay is currently payable at a rate of £95.85 per week for up to 28 weeks. So, for someone earning the average salary of £30,000, this means a drop in income of 83%. And remember Statutory Sick Pay is only paid to the employed, self -employed clients aren’t eligible. Once Statutory Sick Pay ends after 28 weeks, it’s replaced by a further benefit called Employment Support Allowance. This could potentially increase to £113.55 per week, but still represents a drop in an average income of 80% based on a £30,000 salary. What I’m trying to make clear is that without any savings a client dependent on Statutory Sick Pay would clearly struggle to pay their households bills and mortgage and have little or no chance of maintaining their lifestyle.
Whilst talking about a monthly income based plan such as Income Protection, indexation is definitely something to consider. It may be your clients make a claim 5,10 or 15 years in the future and without their plan increasing it might just not quite provide the solution you set it up to achieve.
For clients who are self-employed, clients with young children, divorced clients who may suddenly no longer have a second income to rely on, those clients in the rental sector either as a landlord or tenant, and those clients with no sick pay from work will all benefit from a conversation about arranging some valuable Income Protection.
Talk to your clients about the risks they face, particularly the biggest risk of having to take some time off work due to sickness. At Royal London we want to help you have compelling, and sometimes difficult conversations about the risk and probability of this happening, so I would encourage you to look at The Marketing Studio on the Royal London adviser site. Here you will find a one page risk report, alongside a much more detailed Income Protection Report, both of which can be white labelled with your company logo and contact details and also personalised for each client. These reports will detail the risk probability and chance of being off work sick and can be a really great way to start a conversation about the need for Income Protection.
Most Income Protection policies offer additional support, this includes financial, emotional, and practical support to help your clients through a period of sickness. At Royal London our Income Protection polices offer your clients added value support such as fracture cover, hospitalisation cover, back to work payments and of course our Helping Hand support service, all at no extra cost to the client.
Including Income Protection as part of a Menu Plan means your client will have the reassurance of knowing they’ll get a monthly income to help towards outgoings such as their mortgage payments and household bills if they’re sick or injured and can’t work.
So for more information about Income Protection from Royal London, please get in touch with your usual sales contact or visit our adviser website where there is a wide range of adviser and client facing literature alongside further learning on our CPD Hub.
Thank you for listening today and we look forward to bringing you our next Royal London Podcast very soon.