Income Protection 

Guide to the need for income protection

  • Identify why clients might need income protection over other types of protection.
  • List the reasons advisers can help clients with IP needs.
  • Describe whether providers are adapting protection products and learn about the protection gap.
CPD
Approx.60min
Guide to income protection
How providers and advisers can meet the changing income needs of clients
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Mention the words 'income protection' to clients and they either might not know what it is, or assume they do not need it.

Meanwhile, the protection industry has long warned of a protection 'gap' - it believes the majority of people are underprotected.

This is often exacerbated by the fact many clients think they are covered as part of a group employee benefits scheme, or think if they have critical illness cover, they are covered in all eventualities.

Christina Rigby, protection product owner at Royal London Intermediary, asserts "protection should underpin most holistic financial advice".

This guide, which is worth an indicative 60 minutes of CPD and can be read by clicking in the image above, asks why might clients need income protection?

It also considers how advisers can help clients to navigate their income protection needs and options, and whether providers are meeting the changing needs of clients.

Finally, this guide in association with Royal London, will ask, is there a protection gap?

Contributors to this guide: Kathryn Knowles, managing director of Cura Financial Services; Roy McLoughlin, associate director of Cavendish Ware; Ron Wheatcroft, technical manager at Swiss Re Europe; Christina Rigby, protection product owner at Royal London Intermediary; Royal London State of the Protection Nation; Swiss Re Group Risk Watch 2018.

Ellie Duncan is features editor of FTAdviser and Financial Adviser

CPD
Approx.60min
  1. Mr McLoughlin argues income protection should be what?

  2. According to Ms Rigby, males are how many times more likely to be off work for two months than die?

  3. Ms Knowles says full-blown IP can be quite what?

  4. There is a big potential market for covering which demographic, according to Mr Wheatcroft?

  5. What as the average age of a customer making a Royal London claim in 2016?

  6. According to Ms Knowles, a "significant" proportion of the under insured are people with pre-existing health conditions. True or false?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Identify why clients might need income protection over other types of protection.
  • List the reasons advisers can help clients with IP needs.
  • Describe whether providers are adapting protection products and learn about the protection gap.

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