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Hi everyone,
Welcome to this week’s protection update.
I want to start by mentioning a series of research pieces that my friends over at Protection Guru have put together on the subject of indexation.
They actually started building this because I originally got a query from an adviser and Protection Guru have been great at doing a full market research piece on exactly who does what when it comes to indexation.
The point with this right now is that inflation is at a 40-year high and this is affecting the RPI premium and cover rises those clients are starting to see.
So I’ve added a link to this weeks protection update for the 3 parts to this research piece. Please take a look. It’s going to show you the real differences between providers – they are not all the same…
Pay attention to the providers that who will remove the indexation option after the client opts out 1 time.
There is also an interesting analysis to show you which providers will allow you to add indexation onto an existing policy. Some providers do and some providers do not.
Take a look at these articles and bookmark them because all the hard work has been done for you.
Now on this subject, I had a chat with Robert Woolf from RAW Mortgages particularly about Income Protection Indexation and he was passionate to say that whilst indexation amounts are high at the moment; let’s not forget why we added them onto the policy in the first place…
Now I wanted to give you an update on where we’re up to with the Income Protection Champion competition. Remember, we’ve got about 9 weeks to go until we have our NTE in October.
Let’s see how we’re getting on.
In no particular order, here are the top 9 advisers from across the network when it comes to Income Protection sales. There are quite a lot of others who are just behind this leading pack, but let’s take a look…
- Sarah Fox – Merigan Reis
- Sam Clark – the right retirement plan
- Karla Edwards from the protective parent.
- Aaron Steeples – Steeples Financial Services
- Philip Lee – Meridian Financial Planning
- Matthew Graves – Regal Finance Group
- James Groom – Wolsley Mortgage Company
- Andrew Russell – Mortgage Quest
- Gary Hobbs – Spartan Financial Services
All of you are doing well and you’re the frontrunners in this competition.
And with regards to ASU General Insurance… Michael Alston is the standout adviser in that field.
Remember, you get bonus points for diversity of provider you happen to use so keep it going, and good luck… I’ll keep reporting back on who the frontrunners are each week.
The Goose and the Golden Eggs?
And finally, do you remember the Aesops fable story about the Goose and the Golden eggs?
Can you remember what the story was about?
There have been some different versions to the story but here’s a protection-related one…
Let’s say I come to you as a protection adviser and I offer to protect and insure something for you…
It’s your Goose that lays Golden Eggs. It lays a golden egg every month. But you can only insure one – either the GOOSE or the GOLDEN EGGS.
If you had to pick one; which would it be?
If you asked your clients that question, which one would they pick?
The Goose or the Golden Eggs?
It kind of makes sense to insure the Goose doesn’t it because it lays golden eggs and it does this on a regular basis.
If you asked 10 clients, which would they pick? The Goose?
Well, you see the thing is people say that but they don’t mean it.
They say they would insure the Goose if they had the chance… but in fact the don’t, but they do insure the eggs.
You see, we insure lots of things… our cars, our homes, our phones, our appliances, our pets…
But what is it that funds all of these things?
It’s you.
It’s your ability to earn an income that pays for all of these things.
You’re the Goose. It’s your income and ability to earn it.
People say they would insure the Goose as priority, but its very often the one thing they don’t look after.
I like it because it’s simple and gets the point across really well. Let me know what you think about that and to support you in this Income Protection campaign, we’ve created a new marketing email which has been signed off by our financial promotions team and I’ve attached it to this week’s protection update.
It’s now available on the adviser site.
We’ve designed as an email, but why not put something out there on social media?
Webinars & Roadshows
Now as we wrap things up; just a few things for you to be aware of over the next few weeks.
We’re launching the new Demands and Needs template for personal protection on Wednesday 17th August – so you’ll get a note from me as soon as it’s all live.
We’ve got 2x Critical Illness Webinars called ‘Critical Illness – Under the Bonnet’.
We’ve also got 2 Business Protection Webinars which we’re running with Aegon. They are actually both different webinars. They will only be 1 hour long and there will be a Q&A session to pick up on any questions you need to get answered.
We’re doing another ‘Lets talk about Protection’ session in September.
And don’t forget if your in the South East; we’ve got our rearranged Protection Roadshow taking place in London, Canary Wharf in September.
I’ve added links to all the protection activities which are going on so just register for whatever is appropriate to you and your business.
That’s it from me for another week.
Have a great weekend and I’ll see you soon!
