"It’s about ensuring clients can maintain their financial stability, no matter what life throws their way. And that starts with a conversation about everyday risks."
- Graham Singleton, CEO of National Friendly
The majority of advisers are well-versed in discussing risk - serious illness, critical injury, and even death - when helping clients protect their wealth. And yet, everyday accidents often get overlooked despite the obvious risk to someone’s ability to work.
According to the Royal Society for the Prevention of Accidents (RoSPA), millions of people in the UK suffer injuries in their homes. Many of these accidents may not have been catastrophic, but they can still prevent an individual from working for weeks or even months - especially if their job requires physical activity or prolonged mobility.
National Friendly’s ‘Bruised Britain’ study found that the most common type of accident is a fall at home (34%), followed by a fall outside of the home (24%). One in five of those who have had an accident in the last three years suffered a sports-related injury. Younger people are more likely to have accidents involving scooters (14% vs 7% average), push bikes (13% vs 8%), or mobile phones (13% vs 6%).
READ MORE: National Friendly highlight age-related risk discrepancies for everyday accidents
Despite this, conversations about Income Protection (IP) tend to focus on extreme scenarios rather than everyday accidents that could leave clients unable to work.
“For most people, the ability to earn an income is their most valuable financial asset - but take-up of IP is still relatively low.”
Advisers have an opportunity to reshape this conversation by highlighting how everyday accidents can leave anyone unable to work, regardless of their industry or lifestyle.
For someone working in construction, as much as a broken wrist might prohibit them from handling equipment.
Our study found that a fifth of injured individuals had to change or adapt their daily routines, and over half (57%) of workers had to take unplanned leave – this rose to 71% amongst those aged 35 or younger.
Worryingly, the National Accident Helpline reported that 37% of adults regularly work through pain because they can’t afford to be absent. We’ve also found that 21% of adults have been forced to dip into their savings, while 12% have had to borrow money to cover expenses.
By proactively reframing how IP is presented, making it clear that it’s not just about life-threatening health conditions, advisers can give greater support to their clients.
“Without IP, short-term injuries can quickly escalate into financial crisis.”
Discussing IP beyond protecting against life-threatening risks and emphasising the real-world impact of everyday accidents can help more clients see the value of protecting their income.
Ultimately, it’s about ensuring clients can maintain their financial stability, no matter what life throws their way. And that starts with a conversation about everyday risks.
