Protection Update 14th January 2022

Protection Update 14th January 2022

Hello everyone and welcome to this week’s protection update.

Has the door closed on saying “Happy new year to people yet?” – I think it has because it’s midway through January now but its not too late to focus on things which are going to make you successful this year in your business.

What do I mean by that?

Well sometimes you don’t have to make radical changes to make a real difference.  Sometimes its small nudges and adjustments to fine tune what you do, how you interact with your clients and other processes that will give you the edge.

I spoke last week about the Dentist Model.  Where you automatically book you customers for a future review meeting every time – just like your dentist does!

What do you think?  Is that a good idea?  Could it make a difference to your business?

That idea is all about getting confident with having enough real and compelling reasons to talk to your clients again in the future.  Why should we keep in touch?

When we pick up the phone, do you know what to say?

How about framing that future meeting as a ‘Review Meeting’?  A review of what?

We set up the mortgage and that will run its course until such time as it needs looking at again.  So that certainly should be an obvious review.

I’ve just set up a fixed rate mortgage – let’s say for 5 years.   That means in about 4 years and 6 months time from now; we automatically book them back in for an appointment.  It naturally goes in the diary and that’s so we can look at the best options ahead of; where we could be at risk of the lender doing a product transfer directly with them.

But what else?  What else can we review?

We spoke about home insurance last week?  Again, it’s not protection but should we leave those policies forever or do they need looking at from time to time?  That’s probably one item for the agenda.

What else? Protection…

We might have set up some protection cover for our clients, but how can we justify going back and talking about protection again?

Other need areas perhaps?

Again, a little change you can make to your process is to think about how you frame things for your clients.

For example; what is your definition of the word ‘protection’?

To make sure should the worst happen, you and your family don’t lose your home, and can maintain your lifestyle.

Let me say that again…

To make sure should the worst happen, you and your family don’t lose your home, and can maintain your lifestyle.

Is that an ideal that most people want?

Keep the roof over our heads, but also, make sure we can live… function as a family?

Let’s say we’ve got some nice mortgage protection in place – great.  But what about the other gaps?

In the podcast this week I’ve got a chart I put together a while ago which I think keeps things very simple.

This is the goal for every client in terms of what we mean by ‘Protection’.  To achieve that goal, we work towards getting a tick in each of those boxes.

You can frame that this is what protection means.  We can’t stop bad things from happening but we can help fix the financial problems when they do.

In this example, I’ve set up some life or earlier critical illness cover for mortgage protection.  It’s a decent premium.

So, my clients are in a position to pay off their mortgage.  Great.

But do we leave it there?  Should we leave it there?

I don’t think so.  There are still lots of gaps.  How do they maintain their lifestyle when they’ve lost a major income that comes in every month – in the event of death?  In the event of serious illness?

What about if they lose their income because they are sick or have an accident?

Should we leave it there…

Book your clients back in for a future appointment and do it as a matter of course?

I said last week that “Rome wasn’t built in a day”.  It does indeed take time to create great things.

But that means framing the “project” with your customers.  It’s not just a transaction.

Protection for your clients is often a work in progress.  Needs and priorities are going to change over the course of time and who better to address them?  You.  Not to mention those unaddressed needs.

Maybe next time we can do something to turn those crosses into ticks?

Vitality

Now just a few things of interest from a provider perspective; Vitality have a really good offer at the moment and it’s worth taking a moment to have a think about this one.

You’ll probably know that when you clients have a Vitality policy; it’s possible to get up to 50% off gym memberships.

What do people do at the turn of the year?  They start thinking about new years resolutions, getting fit again, joining a gym.  You will definitely have clients with that kind of mindset.

Well Vitality have 3 Gym partners at the moment and these are PureGym, Virgin Active and Nuffield Health and I think that means there is pretty good coverage across the UK.

And right now, if you’ve got a client that is thinking about joining one of those gyms; they will pay no joining fee!

Now this offer is available for new and existing members at Virgin Active and Nuffield Health from 1 January 2022 – 28 February 2022 (just take a look because it’s selected clubs only).

Then looking at PureGym, the offer runs from 10 January – 28 February 2022.

If you want more information, about these offers, there is information on each gym partners website and I’ve also added a link to the Vitality Rewards page on their site.

Visit the Vitality Rewards Page >>

Aviva

Now on a similar theme of new years resolutions but also reasons to talk to clients about protection, I just wanted to mention Aviva and their Digicare Plus Hub which is really good and comes with every Aviva policy.

You should have seen a communication from Aviva this week with some great reasons to talk to your clients about the extra benefits available which Aviva say amounts to around £700 of value a year.

For example, would your clients benefit from an Annual health check which comes with a and follow-up digital GP consultation.  That’s worth over £80 a year

How about Nutrition consultations.  This is 6 video sessions worth up to £330 a year or £55 each.

Or Mental health support.  Again, this is 6 video sessions worth up to £330 a year
(£55 each).

Your Aviva clients get that automatically so it’s worth reminding them about these really valuable services at a time they might actually be thinking of their health at the start of this new year.

Find more information via the Aviva Digicare Plus Hub >>

Royal London

And finally, my old company Royal London will be announcing some really exciting enhancements to their Helping Hand service.  Just bear in mind this is for NEW Customers only at this stage.

You’re going to hear more and more about this in the coming weeks and months, but on top of all the services already built into Helping Hand; policy holders will now be able to tap into some really useful wellbeing services.

The key thing, by the looks of it is that Royal London have partnered with LiveSmart which is a health and wellbeing platform created by NHS doctors – to give access to a range of services that support their health goals from day one.

Once registered, plan owners fill in a brief health questionnaire to get real time analysis and insights into their physical and mental wellbeing.

LiveSmart will then create a personalized health report and it will recommend from a range of specific wellbeing services which can support the policyholder with their health goals.

There is a big launch this Monday 17th at 11am with Cover Magazine by way of a webinar so if you would like to attend, I’ve added a link to the registration page on this weeks protection update.

Register for the Cover Magazine Webinar >>

Regional Roadshows in February

Finally, I just wanted to give a shout out for our February Roadshows which will be taking place in just over a fortnight.  You should have seen some of the communications about our kick start roadshows.

We’ve got 4 of these planned and the venues will be announced very shortly.

Bob Scott and myself are pulling the agenda together but there will be a consistent theme of easy wins to maximize all of your business opportunities this year.

I’ve added the dates and the registration links to this weeks protection update.

So, that’s it for another week.  There’s already a lot going on.  Have a great weekend and I will see you soon!