Are you missing out on the income protection market?
We’re living in a world of uncertainty. Companies are going into administration. Redundancies at work are becoming more common. So, is it any wonder the appetite for Income Protection cover is growing?
The facts speak for themselves
- 7% rise in sales in 2018
- 18% year on year growth expected over the next 5 years
- 21% of people would be interested in taking out income protection compared with 20% who’d take out Life Insurance.
Why customers need it
- Only 7% of people own an income protection product (Mintel Research)
- 60% of British people would struggle with a loss of income within six months (Mintel Research)
- On average, a UK employee has enough savings to last just 32 days if their income stopped
- 26% of UK employees said their savings would last them just one week or less (Deadline to Breadline)
- 23% of UK employees do not save any of their income each month (Deadline to Breadline)
At Legal & General, we’re committed to helping you grow your business. That’s why we created an Income Protection product specifically designed for intermediaries only.
And the good news is that we’ve now made some updates to our Income Protection so you can deliver more for your customers.
The new updates
- Increased acceptance – no more generic drug and alcohol exclusions
- Bigger benefits – we’ve expanded the overall allowable benefit limits on standard, low cost and increasing plans
- Additional income guarantee – for NHS doctors, nurses and surgeons
- Extended support services – including mental and physical health
The benefit of both worlds
Currently, Critical Illness cover is sold more than Income Protection. But in an ideal world they complement each other, and together could help protect clients against everything life throws at them.
Critical Illness covers big things like cancer *and heart attacks, whereas income protection covers small things like a broken arm or leg. Plus, Critical Illness pays out one large lump sum which might sound great, but there’s not much point paying off the mortgage if you can’t afford to live there. There are many bills and payments still to be made, and that’s where income protection comes into its own.
Helping you sell better
We all need a little help now and again. That’s why we’ve created two income protection webinars specifically for intermediaries like yourself. Just 30 minutes long, they give you the top line information on our product, as well as provide a few brief ideas on how to increase sales for your business.
Research undertaken by Mintel and L&G deadline to breadline 2017.
*Not all types of cancer are covered under the critical illness plans