4. Use real life stories
We know another barrier to people buying protection is that while people understand the risk that is being covered, they don’t think it will happen to them. This, combined with an overall lack of trust, can act as a significant disincentive.
The recently launched charity-led Seven Families campaign is supporting families across the UK who have lost an income without having financial support in place. It tells the stories of the families through bite-sized films on social media, which can easily be used by advisers to highlight to clients the difference that both the financial support and physical support makes when people unexpectedly find themselves unable to work. It can help encourage people to really think about whether they could cope financially in a similar situation.
Some networks and adviser firms have now made the videos part of their induction process for new advisers and paraplanners on the basis that many younger people may not have the life experience to understand why protection can be so important. One of the strongest elements of the campaign shows the value of ‘added benefits’.
Most protection policies come with access to a host of support services such as rehabilitation, counselling and medical experts that can often be used without a claim being made. Many policyholders won’t be aware that they have these additional benefits when they can be of huge help to people and avoid them getting to a point where they are unable to work, or help them return to work faster. As many advisers have often said, it is far better to have something and not need it, than to need something and not have it.
Benefits such as access to a virtual GP, or a second medical opinion through services such as Best Doctors can make a huge difference to the way people are able to manage their health and should be shouted from the rooftops when recommending a protection policy.
As well as insurers such as Vitality and Health Shield, Exeter Family Friendly has also recently added a virtual GP service for both its new and existing income protection and private medical insurance policyholders. People will be able to book and carry out face-to-face consultations with private GPs online using a webcam, making it a very convenient way of accessing expert medical advice. S
imon Philip, director of distribution and marketing at Exeter Family Friendly, said: “Access to primary care services in the NHS is a real problem, with many people having to wait days if not weeks to see their GP. This benefit means our policyholders can have a personal consultation with a practicing GP from the comfort of their own home.”
