What advisers like you had to say
Last month, we asked financial advisers what they thought about income protection and for those currently writing it, the tools and support they use the make the recommendation process easier.
More than 700 advisers took part and we thought you might be interested in the results.
The results in summary and things to consider:
The types of product recommended
Unsurprisingly, traditional IP (where the price doesn’t increase with age) is the most popular product, with almost eight out of 10 advisers who write IP recommending this option. Nearly a third who sell IP recommend products aimed at clients in riskier jobs – identifying a substantial protection opportunity for advisers. There are various options in the market, including LV=
Personal Sick Pay, helping you protect clients who can be more expensive to insure, such as tradespeople, nurses, teachers and construction workers.
Popular tools to overcome objections
IP can be more difficult to recommend compared to other types cover. The research identified the most popular tools to help overcome objections against IP. Budget planners were the most popular option, with half of all advisers who recommend IP using these to help clients visualise their monthly outgoings – helping them appreciate how much they have to lose.
The IP advice process
According to our research, 60% of advisers currently writing IP recommend it alongside critical illness and life insurance, helping protect clients against all eventualities. You can use the LV= Risk Reality Calculator, helping demonstrate the real risks of clients being unable to work, suffering a serious illness and dying before retirement.
Skiing downhill
The research identified the areas advisers said they need further training. One of the most popular areas for development was the different options available to bring down the price of a menu of protection products. We call this ‘skiing downhill’ at LV=, you can find out more about the options available at the LV= Adviser site.
The reasons why advisers don’t recommend IP
‘My clients don’t see a need for it’ was the most popular reason why advisers don’t write IP. If you have clients who think they’re immune to accident or ill health, you can share customer story videos to prove it does happen.
This is just a summary of the results from our IP survey. To find out more, please contact us on 0800 678 1890.
Kind regards,
LV= Protection
T: 0800 678 1890
E: ifasupport@lv.com
We may record and/or monitor your calls for training and audit purposes.
We’re organising a series of income protection training sessions throughout May across the UK. To find out more and book your place, visit our website.
lv.com/adviser
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FOR UK FINANCIAL ADVISERS ONLY AND NOT TO BE USED WITH CLIENTS
