The Call

All too often we’ll hear words to this effect from a client: “Remember that protection insurance policy that i was unsure about, but you set out the importance of having this level of protection in place, well…“

News such as this will obviously generate mixed emotions, as you’re pleased that you delivered good advice to this client, and (hopefully) they took it up, but also sad to know that they’ve had to face a death, or a life-changing experience.

balancing act

Of course, in the current climate (with rising mortgage costs), we fully understand that some of you will still view protection cover as something:
• that’s simply ‘not for me’
• that’s ‘too expensive’
• where ‘I don’t believe the insurer will pay out in the event of a claim’

With regard to the latter, almost 98% of claims are actually paid out.*

protection across your working life

For some, there will be employer financial support in the event of death, or serious illness. Plus, there may be limited financial help from the government. But would that be enough? In the example below we’ve considered a couple, both aged 30, both non-smokers, who plan to retire at 65. That amounts to 12,775 remaining days of being in the workplace for each of them. And you only need a bad event to occur on 1 or 2 of those days, to have a sizeable financial impact on you, and/or your family.

So, surely, it’s better to have something in place (and possibly never need it), than suddenly need something (and not have it)?

wide range of plans

In this issue we cover some of the key areas to consider, be it life cover, or protection insurance should you face a serious illness and be off work for a long period – which is far more likely in your working lifetime, as the chart shows.

Although, don’t totally discount the possibility of a death across the working lifetime, as 3 to 4 in every 100 of those 30 year-old, non-smokers, may not make it to 65.

value-added benefits

Anyhow, whatever you opt for, you may be surprised at how much the protection industry has evolved over recent years, with a multitude of options, and benefits on offer, which could be tailored to meet your needs.

For example, aside from any possible payout (in the event of a successful claim), here are some examples of the practical and emotional help that may be on offer:
• Access to a remote GP, when needed
• Access to other specialist support, such as telephone counselling (bereavement, work-related stress, marital and family issues), carer support services, rehabilitation services, debt management advice, and consumer rights
• The availability of apps and introduction of wearable technology to monitor your lifestyle. Which, in turn, may result in lower premiums, to acknowledge you’re living more healthily
• Other incentives to assist your general well-being, such as discounts off health club membership, and cinema tickets.

Some services could be accessed from day one of taking out a policy, and in some cases, there may be no need to make a claim.

As with all insurance policies, terms, conditions and exclusions will apply.