The Exeter has launched the ‘Income first’ toolkit which provides resources to help advisers educate their clients on the need for income protection (IP).
A key tool is the income risk calculator, which generates a personalised client report which the health and protection insurer says brings the benefits of IP to life. By entering a few basic details, the report highlights the potential income gap a customer would face once sick pay ends and the impact of their ongoing financial commitments when their income drops and ultimately, how IP can be used to help. The report includes graphs and imagery to visually bring the data to life and help advisers make a compelling case for IP whilst taking into consideration their clients’ specific circumstances.
Another core feature is the ‘Reasons why editor’, which allows advisers to 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.
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.”
