Protection  

Drewbury unveils risk assessment tool

Drewbury unveils risk assessment tool

Financial protection adviser Drewberry Insurance has launched a risk tool to show consumers how exposed to hardship they and their families are.

The tool, which can be accessed here, assesses people’s ability to survive if they are too ill to work through a series of five key questions. The results then give them a risk rating and advice on what to do next.

To make the assessment, the tool asks questions about the consumer’s sick pay, level of savings, capacity to survive financially on state benefits, employee benefits (if applicable) and potential family support – core questions that someone should consider when working out their potential exposure.

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Tom Conner, director at Drewberry Insurance, said it is hoped that the tool will help consumers realise their financial vulnerability and encourage more people to consider income protection.

Mr Conner said: “We find that people who visit our website want more than just a quote or number to call.”

IFA verdict

Peter Le Beau, chairman of the Income Protection Task Force, said most people were unaware of the degree of financial hardship they would face if they were unable to work.

Mr Le Beau said: “This sort of tool is useful. Anything that concentrates people’s minds on what woyld happen if they could not work, and how much cover they would need, is great.”

emma.hughes@ft.com