Supporting you to support your clients
The cost-of-living crisis is impacting millions of people in the UK, with families and businesses feeling the squeeze.
With less disposable income, the importance of protection is more significant than ever, meaning you will be having some difficult conversations with your clients about the role protection plays.
From protecting their income to safeguarding their financial future, in this situation, keeping protection policies in place wherever possible is vital.
We have also created some useful content for your clients.
Improve your client retention
Sign up for lapse notifications when clients cancel their policies.
Understand the financial resilience of households and what essentials customers are looking to cut back on.
Use sales aids to remind clients why protection is so important.
We caught up with founders of Bates Wilcox, Natalie and Charlotte in our recent podcast to discuss the important of retention.
Understanding the resilience of UK households
The average working household is only 19 days from the breadline and once they have covered basic costs like rent or mortgage payments, utilities, and food, the average household has £700 left to cover everything else. This includes essential costs they may have to cover such as fuel, mobile phone contracts and broadband.
Our 10th anniversary of Deadline to Breadline research explores:
- How long would it take someone to reach the 'breadline' if they lost their income
- What's preventing your clients from engaging with their financial plans
- How client buying behaviours are changing in response to the cost-of-living crisis
Explore Deadline to Breadline and find out more about how the cost of living is impacting your clients.
The importance of protection
These two case studies portray the true value of your advice and how protection can help if the worst should happen. Not only can case studies show your clients the financial support protection offers, but the practical and emotional support it brings too.
Meet Pete
Find out how Pete almost cancelled his policy before an adviser encouraged him to keep it just before his shock diagnosis of a rare form of cancer.
Meet Kelly
When Kelly was diagnosed with Leukaemia, the advice she received from her broker Neil Bohan meant her family could care for her and not worry about paying the bills.
Additional resources
Surge for mortgage deals sparked by cost of living crisis
Robert Betts, Market Development Manager at Legal & General, discusses whether the current mortgage demand equates to more protection sales, and how advisers can reposition the conversation.
The key to better retention
There's a risk that protection could become an expendable luxury for clients as a result of the current cost of living crisis. Mike Pritchard, Commercial Manager of our Distribution Quality Management (DQM) programme, explains how the nuances of putting a policy on risk can make or break customer retention.
Building business resilience in times of uncertainty
Mike Pritchard talks through the support and work we do with our distribution colleagues and intermediaries, assisting the best we can during the cost of living.