Holding back the tide
Gary Harrison Senior Business Development Manager SimplyBiz Mortgages
We have all heard the story of the king who tried to hold back the tide , and we all know the outcome of that .
But , as an industry , are we about to face our own holding back the tide moment ? And , if so , what are we doing to be ready for it ?
I am of course referring to the oncome of the highest cost of living rise your clients will have experienced in the past 70 years .
From a protection perspective , what impact could this have ? I would argue your first concern could be for those hard-earned protection policies that you have arranged ; could they be under threat ? The simple answer is – of course . As we know , when clients ’ backs are to the wall and they look understandably to cut costs , then the first line drawn through on their bank statements is those hard-earned protection policies you have arranged .
What can we do to stop this from happening ? We can be like the old King Canute : sit , do nothing , and watch the inevitable happen , or we can do something to help our clients . But what are your options ?
“ As we know , when clients ’ backs
are to the wall and they look understandably to cut costs , then the first line drawn through on their bank statements is those hard-earned protection policies you have arranged .
10 | THE PROTECTION ADVISER
Here are a few ideas you may wish to consider :
Remind your clients why they took the plan out in the first instance but , more importantly , what extra features and benefits these plans offer above and beyond just paying out a lump sum , for example :
• virtual GP appointments
• prescription services
• second opinion services
• health MOTs
• physiotherapy services
• mental health support
These are just a few of the benefits most providers offer to clients , as well as their immediate family , even if they are not named on the policy . Ask yourself how many clients are aware of these benefits , or have just forgotten these benefits were included ; added benefits that add real value to a customer , potentially at a time when they may need them .
“ Remind your clients why they took
the plan out in the first instance but , more importantly , what extra features and benefits these plans offer above and beyond just paying out a lump sum
These are just a few of the benefits most providers offer to clients , as well as their immediate family , even if they are not named on the policy .