Critical illness (CI)Â and life cover are more well understood by advisers' clients than income protection.
But that is changing as the protection industry and advisers work to change the way income protection is perceived.
This means busting a few myths.
Justin Harper, head of marketing at LV, notes: "Term and CI may be considered a ‘more straightforward sale’ with less underwriting, and benefit from the ‘lottery effect’ of a large lump sum.
"Conversely, IP covers more eventualities, with a higher probability of claim, and has more risk factors to take into account – and people don’t naturally appreciate the true value of income."
This guide, which is worth an indicative 60 minutes of CPD and can be read by clicking in the image above, asks how do sales of income protection compare to critical illness and life cover?
It also considers what initiatives have helped create awareness of income protection and what advisers need to do to make sure they have a conversation about income protection needs with clients.
Finally, this guide in association with LV, will ask, how is IP adapting to meet the needs of the self-employed?
Contributors to this guide: Justin Harper, head of marketing at LV; Emma Thomson, product strategist at British Friendly; Jiten Varsani, independent financial, mortgage and protection planner; Mark Locke, communication director at the Lang Cat; Peter Hamilton, head of market management at Zurich; Rob Harvey, head of protection advice at Drewberry; LV Income Roulette Report; Swiss Re Term and Health Watch 2018; 7Families.co.uk.
Ellie Duncan is features editor of FTAdviser and Financial Adviser
