The Exeter has launched a range of resources for advisers to help highlight the benefits of income protection to clients.
The resources include a personalised client report generated by an income risk calculator, showing the income gap a customer could face when their sick pay ends.
According to the insurer, the report will help advisers make a “compelling case” for income protection, while considering the client’s specific circumstances.
It has also launched a ‘reasons why editor’ for advisers to share suitability letters with customers, tailored to reflect initial conversations with the client and to highlight factors for the customer to consider.
Steve Bryan, director of distribution and marketing at The Exeter, said: “When it comes to protection, the first thing clients think of is life insurance. However, dying isn’t their biggest risk, illness is. It’s a sad reality that any one of us could fall ill at any time and lose an income almost overnight. For many, this frightening truth has been harshly highlighted during the current pandemic.
“A product which helps to protect an individual’s income in the event of illness or injury should therefore be, at the very least, discussed as part of mainstream financial planning. But worryingly, these conversations are still not taking place as frequently as they are needed.
“We’re confident these tools will contribute to drive a positive change in the industry, helping advisers to provide more individuals and families across the UK with the financial cover they need by putting income first.”
Matt Chapman, commercial director at Plus Financial Group, added: “Recent events have only highlighted the importance of regular income and the need for financial resilience planning.
"But we’ve got a lot of work to do as an industry to make this resonate with every adviser, every individual and every family across the country."
What do you think about the issues raised by this story? Email us on email@example.com to let us know.