ProtectionNov 3 2016

Having a critical illness cover conversation

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
Having a critical illness cover conversation

"If the topic of CIC comes up at the very end of the conversation, if they have already got what they came for, then protection advice is at risk of being consider to be an optional extra or an up-sell.

"The best sellers of CIC introduce it at the outset, pointing out that protection is a foundation upon which a broader financial strategy can be built."

Ultimately, according to Alan Lakey, adviser for Highclere Financial Services and founder of the CI Expert, protection purchases are "emotional".

He explains: "It will depend on each client and an adviser will make a judgement call, taking various factors into account, such as gender, whether the client has children and what is the client's budget.

"Commonsense, reinforced by an emotional decision to do the right thing, is generally an appropriate approach. 

"Protection is an emotional purchase, where unlike any other product, the client actually hopes they are wasting their money. For this reason, a degree of persuasion is required."

simoney.kyriakou@ft.com

PAGE 2 OF 2