THE HOME OF THE PROFESSIONAL ADVISER Exeter Family Friendly Income Protection, Welfare Reform and Client Discussions
Learning Outcomes Welfare Reform & State Benefits Positioning IP with clients Advisers Tools Policy Options
26 Million Without Income Protection Source: Mintel 2010
The Premier League of protection Source: Demos report N o r w a y S w e d e n N e t h e r l a n d s C a n a d a U S A G e r m a n y F r a n c e U K S p a i n I t a l y
What the state will provide Can your clients rely on the Government?
Feeling safe? £7 billion clampdown on benefit claimants Half a million claimants found fit for work Will your customers feel safe in the hands of the state? Source: DWP 2010 Daily Mail Daily Express
The State Marathon First form 21 pages long Detailed questions on mental and physical health Face to face medical assessment Source: DWP
The State Marathon Basic rate just £71.70 a week during assessment phase Source: DWP
The State Marathon Assessment phase lasts for first 13 weeks of claim Source: DWP
The State Marathon Support increases to £ maximum if claim is successful Source: DWP Applies to single person in the work related activity group
The State Marathon All claimants have to attend regular work- focused interviews Source: DWP
The State Marathon UP TO 4 WEEKS13 WEEKSUP TO 1 YEAR
It won’t happen to me… Over 1.2m individual term assurance policies sold in 2013 Over 450,000 individual critical illness policies sold in ,000 individual income protection policies sold in 2013 Source: Office of National Statistics 2012 DWP Research 2012 Macmillan Cancer Care Swiss Re ,000 deaths in England and Wales 109,000 of working age diagnosed with cancer p/a 350,000 new employment support allowance claims made p/a …or will it?
Your Client Bank…
Young and single Foot-loose and almost fancy free Live alone or with partner No children or dependents Renting, first time buyers or family home Sports, social life, shopping Need to Protect Payments on the roof over their heads Their lifestyle Not much else
Young Families The squeezed middle Live with husband, wife or partner for life Young children or baby on the way Own their home, or would like to Dinner, DVDs, days out Need to Protect The mortgage or rent All the family essentials Each other if the worst happens
Mature Families Tuition fee paying parents Children have (nearly) flown the nest Less than 10 years left on the mortgage Holidays, hobbies, home improvements Need to Protect Their plans for retirement Children's future Health
Bills & Things Own Occupation One rate for all No link to income Cover from just £11.49 per month Who to target? Those looking for first step protection Self employed Part-time workers, part-time homemakers
Adviser tools Building awareness and interest with consumers Helping Income Protection achieve its potential Helping you increase your sales
Financial forecast calculator Show the importance of income protection to your clients Provide a 12 month outlook of your client’s financial future if they were too ill to work Show the shortfall in your client’s finances, if they had to rely on sick pay and the state
financial forecast calculator
Get started Download Posters and flyers Web banners and signatures Approach letters Personalise your posters and flyers Provides you with a striking range of material designed to bring more business your way
Read more Learn Facing the facts A wake-up call Download PowerPoint templates Gives you compelling arguments and frightening statistics to wake your clients up to income protection
Jumping the hurdles Download material to really bring home the need for protection when speaking face to face with clients.
“Apply and buy” for income protection Revolutionise the customer and adviser journey No need to wait for answer
Summary Review cover annually – client contact Families face real hardship Segment clients into groups Use Provider Tools to get IP on the Agenda
Handset Questions: Would you like more information about our Breakfast Seminars? Would you like the link to the ESA1 form? Do you require login details?