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Don’t forget first-time buyers need protection too – Bright Grey

by: Ian Smart
  • 10/10/2013
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Don’t forget first-time buyers need protection too – Bright Grey
Becoming critically ill won't be the first thing someone thinks about when they buy their first home, and why should they?

They’re more likely to be elated and relieved that they finally have their feet firmly placed on the housing ladder. But having taken so long to get there – the average deposit is just under £28,000 which would involve many years of saving – wouldn’t they want to make sure this substantial asset is protected?

The average age of a first-time buyer is around 37. This age group are unlikely to have the savings buffer that their parents and grandparents had.

After all, every pound that was diligently saved was earmarked for the house deposit fund. It’s therefore unlikely there will be anything left over to act as a financial safety net should they need one.

The challenge advisers have is persuading clients that protection is important and that it is affordable. Because when it comes to critical illness insurance or income protection people would rather spend their money elsewhere and unless they are faced with the facts head on are likely to put off buying insurance until it’s too late. So how do you deal with client objections and help people to understand that protection is a worthwhile purchase?

There are ideas and tips out there to help overcome many of your client’s objections. Most providers have dedicated adviser sites and microsites that contain support tools and information including selling tips and client-facing sales aids to help with objection handling.

In many cases advisers are able to customise and rebrand the various sales aids with their own logo and company details which can then be used as email marketing campaigns, face to face sales presentations or even printed press ads. 

Now that the mortgage market is finally picking up, the opportunities for selling protection should be huge. First-time buyers will have a lot to think about but this doesn’t mean they should ignore their protection needs. For many people it’s only when they speak to an adviser that they understand why protection is so important, and why the cover they take out should protect not just the mortgage but their lifestyle too.

Ian Smart is head of product development and technical support at Bright Grey

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