Planning for the unexpected

For intermediaries only

While many people would rather insure their car or mobile phone than their income, what they don’t seem to realise is that they’d likely manage just fine without these things. But if their income unexpectedly stopped, could they manage without that? Probably not.

Protecting your clients’ income 

With stress, depression and anxiety accounting for 51% (17.9 million working days) of all work-related ill-health absence in 2019/20201, this highlights the importance of having some level of income protection - especially as these conditions aren’t generally covered by life or critical illness policies. And nowadays the income protection options available are more affordable than ever before.

We found that money worries were a key cause for concern for more women than men (76% vs 72%)2. And worryingly, a third of the women we surveyed said they felt under prepared for a financial emergency compared to just a quarter of men.

With 61% of income protection policies being sold to men3, are we as an industry missing a trick?

It pays to be prepared

No-one likes to think of the worst happening, but it pays to be prepared. 

Would your clients really want to have to rely on their savings in an income emergency - and realistically, how long would they last? 

Our latest research4 found that 36% of people in the UK don’t have any emergency savings – with those who do only having enough to last 18 weeks.

And while government support may be available, it’s often overestimated with the level and availability of state benefits uncertain and generally dependent on individual circumstances. 

Including income protection as part of your clients’ overall protection package would give them a financial safety net should the worst happen – letting them concentrate on getting better and returning to work.

Helping your clients realise their protection needs

Our Personal liability audit keeps things simple, letting you quickly and easily uncover this with a simple set of questions, without the need to discuss possible solutions.

The answers quickly establish your clients’ monthly income and outgoings – helping them see their need for cover and how important protecting their current lifestyle is.

Download it today from our Protection document library.

We offer a wide range of protection solutions to help your clients prepare for the unexpected – helping you provide your clients with comprehensive, yet affordable, cover.

As well as offering financial support, all our protection benefits include Policy Plus – our range of support services – at no extra cost, for your clients and their immediate families to use from the start of their policy.

Visit our Exactly What You Need page to find out more.

Sources

1Health and Safety Executive, Work-related stress, anxiety or depression statistics in Great Britain 2020, 4 November 2020

2Aegon/YouGov financial wellbeing research. Fieldwork undertaken 5-16 December 2019. Total sample size was 2,000 employees. The figures have been weighted and are representative of British business size.

3Swiss Re Term and Health Watch 2020

4Aegon Financial Wellbeing Index. Fieldwork undertaken during August and September 2020. Total sample size was 10,466 UK residents. The study was nationally representative in terms of location, age and gender.