Making income protection more relatable to clients - tip #3
For intermediaries only
In this article, Matthew Chapman, business and practice protection expert at Plus Protect, shares his tips about making income protection more relatable.
To make income protection even more relatable, you need to focus on the sorts of issues that affect the vast majority of people.
It's a little-known fact that income protection provides cover for mental health concerns – something I'm certain that everyone can relate to.
In fact, mental health concerns are the second-highest area of claim for most providers (above cancer even) which just highlights the sheer number of people whose ability to work is regularly impacted as a result of poor mental health.
In this edition, I'll teach you how to make IP more relatable by concentrating on mental health; an extremely topical and poignant subject matter.
With my tips, you will easily learn to position Income Protection differently. It's so much more than just an insurance policy – it's a tool to support and protect your clients' financial and personal wellbeing.
Tip Three = Money worries causing you stress?
If being locked down at home for weeks on end has taught us anything, it's how easily our mental health can be affected and, more importantly, how money worries can serve to amplify the problem.
It's important to draw your clients' attention to the connection between a deterioration in mental health and concerns over money. Money worries are often the single biggest cause for stress and anxiety - alongside health concerns.
You should point out that a break in income, whether as a result of mental health concerns or any other condition, will only serve to compound the problem. Ironically, the risk of losing your income by needing time off due to stress, simply adds to the worries and increases the likelihood of needing time off.
Income protection should be presented as a safety net against mental health concerns - something we are all likely to experience at some point during our working lives. Arguably more so right now more than ever before.
Whether it's a case of social anxiety, stress caused by returning to work, the grief of losing someone close to us or severe depression; most people will be impacted by some form of mental health deterioration in their lifetime and income protection could provide an essential lifeline under such circumstances.
It's worth noting at this stage that a critical illness plan wouldn't provide financial protection in this scenario – just access to helpful support services, depending on the provider.
Income protection, on the other hand, provides essential financial support that allows the policyholder the time and space they need to come to terms with their condition.
Most importantly, income protection eliminates one of the primary contributors to their stress and anxiety in the first place – money worries.