by Ian Smart – Head of Product Development & Technical Support

What is essential expenditure?

For most people it’s their mortgage, their car or their mobile phone. They’re far less likely to see as essential the need to spend money on protecting the income that pays for all those goods. And that’s understandable. So how do we get people interested in protection insurance and motivated into buying it?

Focusing on the value for money aspect of protection insurance, the add-on services that can be more vital than a financial payout and the fact that more claims than ever before are being paid should prompt people into taking action. But with sales still fairly flat it doesn’t seem to be enough. We need to get consumers to understand that buying a protection product means they’ll be able to keep their car, their phone and that all important digital TV subscription, if the worst were to happen.

Too many people fail to appreciate just how much a serious illness can impact on their finances and don’t take out protection cover that would give them financial security and peace of mind. People need to make financial provisions for their future and not live under the hope that state benefits or bail outs from family and friends will allow them to maintain their standard of living, if they lost their income.

What this means for you

So let’s focus on the positives and get people to understand that even a small amount of cover will help them retain aspects of their lifestyle in times of need.

And while it might be a challenge to get clients to think about the worst case scenario, asking pertinent questions about how they would support their families and lifestyles if they weren’t able to work, may help them understand the consequences of not being prepared financially.

How we will help you To find a range of easy-to-use tools and ideas that may help support your advice process, please click here now.