Priselac’s father was self-employed, her mother had no life cover, and much of the savings her family had accumulated over the years disappeared on alternative treatments when it was obvious the chemoradiotherapy hadn’t worked.
“When mum passed away, not only had dad lost the person he’d been with for 28 years since getting together aged 16, but financially he had no savings,” Priselac told FTAdviser.
Her father also hadn’t worked for the last year of her mother’s life, so he could spend time with her in her final moments.
Compounded by looming mortgage repayments and the responsibility of two teenage children - Priselac, who was nearing university, and her younger brother - the lack of any alternative income put significant financial strain on the family.
“Financial worries are the last thing you want to be dealing with when you’ve got the stress of losing a partner,” said Priselac.
“That hit home. I thought to myself, this is really important. People don't realise how important this is. Just a little bit of life cover would have made a huge difference.”
Every time I leave a family or an individual, I know that they are better protected than they were before. They won’t go through the circumstances I did. Zoe Priselac, Way More SolutionsFamily income benefit - a type of term life insurance which supports the family of a policyholder financially if they die or are diagnosed with a terminal illness - would have also helped Priselac’s family.
“You don’t want children to suffer financial difficulties, it’s not just about the mortgage,” she said.
‘When you’re young you think you’re invincible’
The premature death of her mother wasn’t Priselac’s only brush with sudden disaster and no safety net in place.
A few years into her career, back when she specialised in employee benefits and actuaries, Priselac fell victim to a car accident.
“I’d had surgeries, I was off work, I had PTSD [post-traumatic stress disorder]. At the time, I didn’t have any cover in place for myself. I was young and single. You think you don't need any cover when you’re young and single because you’re invincible.”
She had some private medical care through work, but still struggled to make ends meet for a time.
It was these two experiences, one after the other, which inspired Priselac to set up her own business with one clear aim. That was, to communicate the message of protection to families and individuals, to help them avoid unexpected financial difficulty.
“I tell clients the story of my father,” said Priselac, who is now the managing director of Rotheram-based Way More Solutions.
The company name Way More points to her overarching aim, which is to provide ‘way more’ to clients than just the initial process of putting cover in place.
With the cost of living squeeze placing a growing pressure on outgoings, protection trade bodies have warned advisers to get back in contact with their clients to avoid an uptick in cancelled policies.
Recent research suggests this has already started happening. Nearly one-fifth of advisers have reported being contacted by clients about reducing or cancelling their protection policies as a result of the cost of living crisis.
Priselac said she hasn't noticed an uptick in cancellations. "I ensure clients are getting the most preferential terms we can find, and that they feel comfortable talking about health."
She keeps in touch with clients through annual reviews, when necessary helping them through the claims process, and sign posting clients for other services they need with partners.
Priselac trained with a Leeds-based broker, building up a client bank she then went independent with in 2019. Today, she advises on life and health insurance, private medical insurance, as well as group and business protection.
“Every time I leave a family or an individual, I know that they are better protected than they were before. They won’t go through the circumstances I did,” said Priselac.
Now, following a pandemic which saw thousands of young people furloughed and go without full income for months on end, Priselac reckons there is more awareness of the importance of having fallbacks in place.
"You don't know what's round the corner. We're going through a cost-of-living crisis. Income is vital. Savings are going up and expenses are coming down."
‘Protection industry needs more training and academies’
Way More, which is made up of three employees including Priselac, is now looking for a second adviser to grow its client book.
While Priselac is fully aware there are some “fantastic advisers” out there, she is also wary of examples of poor advice or things not being done properly in the protection industry.
She cited examples such as where policies have been put in trust with the policyholder being the sole trustee, where people simply don’t understand their cover and where business protection advisers haven’t provided premium equalisation or ensured they have signed cross-option agreements.
“I think what the industry needs is more training and academies,” said Priselac.
It’s not just about studying for exams. There needs to be more practical application of how to do things correctly. Zoe Priselac, Way More SolutionsSome advisers are trying to change this, which Priselac acknowledged.
This year, Kathryn Knowles set up an annual test to improve protection advice. And Matthew Chapman, a protection adviser for Plus Protect, has also set up his own agency to provide sales training and social media courses to protection advisers.
“I think advisers need better training internally, first of all. It certainly needs to come from the firm where advisers are,” said Priselac.
And it’s not just about the products, many advisers also need more help on how to sell and maintain client relationships, she explained.
“There needs to be more access. It’s not just about studying for exams. There needs to be more practical application of how to do things correctly and how to speak to clients in different circumstances,” said Priselac.
“Certainly one day, that is high on the agenda for me to create an academy so people can really have that in-depth training.”
ruby.hinchliffe@ft.com
