"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."
One key tool is the income risk calculator, which generates a personalised client report highlighting the potential income gap a customer would face once sick pay ends, the impact of their ongoing financial commitments when their income drops and ultimately, how IP can be used to help.
Another core feature is the ‘Reasons why editor’, which allows advisers to easily and quickly share follow-up letters with their customers that are tailored to reflect the initial conversations they have had and highlight relevant points for the customer to consider.
Other toolkit materials include adviser and client guides, and tips on overcoming common barriers to purchasing IP.
Today’s news follows The Exeter’s recent Ill Prepared research that found nearly a fifth (17%) of self-employed workers have no personal savings to fall back on in times of crisis, with a further 14% of these workers having less than £2,000 in savings. Out of the 3,000 surveyed, just 9% had an IP policy in place.
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.”
