Another common misconception is that “it will never happen to me”, but unfortunately people can be shocked when the likelihood is laid out to them.
Our Risk Reality Calculator shows that a 30 year-old, female, non-smoker wanting to retire at 65 has around a one in two chance of being unable to work for two months or more in their working life, and one in ten chance of suffering from a serious illness.
Our calculator is a useful tool to help bring the need for protection to life and is proving a game-changing conversation starter for many advisers. The tool is free to use and advisers can find out more here.
We want people to be confident they’d be able to cope if they found themselves unable to work for a period of time and IP is one of the best ways to equip themselves for such a situation.
Advisers can play a key role in improving resilience and promoting IP, by not only educating consumers about the financial aspects, but increasingly the additional benefits and support that are provided with throughout the entire life of such polices.
At LV= for example, we include LV= Doctors Services – with free ‘instant’ remote GP consultations – together with free 24/7 access to our Health and Wellbeing line.
This enables policyholders and their families to speak to professionals about a range of subjects including bereavement, legal queries and health issues, including counselling.
Offering such additional’ benefits and services helps increase the appeal and value of policies, providing more tangible everyday protection and support, as well the much needed reassurance should at claim.
For the late millennial renters in particular, IP can be an affordable and relevant safety net, and a much-needed boost to their financial resilience.
Justin Harper is head of marketing, industry relations and innovation at LV=