Conversations around financial protection often come with client misconceptions that the provider will find a reason to not pay a claim.
To overcome this, we need to help change perceptions and show the ‘caring side’ of the industry.
There can be a huge emotional impact and financial impact on a client (and their family) in the event of death, accident or sickness.
To pay a claim is nothing short of what the client expects, and deserves. However, providing emotional support can add immeasurable value.
With this, LV’s unique Parent and Child cover that comes with their Income Protection Policy has attracted my interest.
No one wants to think about their child having a serious illness. At a time when additional care and support is required, can a parent afford to take time off from work?
LV’s cover helps provide financial support when a child (from birth to age 21) is diagnosed with one of 54 specific illnesses, operations or medical procedures.
The cover is paid in the form of a lump sum equal to six times the monthly Income Protection cover, capped at £25,000.
It can pay out once per policy per child and is in addition to a claim under the children’s cover of LV’s Critical Illness cover.
I like the ‘one payment per policy per child’ because if both parents each have an income protection policy and a critical illness policy with LV, they could make four claims for the same child.
Exclusions do apply, for example, if symptoms arose before the policy started, unreasonable failure to follow medical advice or if the parent has caused direct harm to the child.
By focusing on the emotional support via added value benefits we can help restore confidence that we as an industry do care.
Jiten Varsani is a mortgage and protection adviser at London Money