According to new analysis of government statistics conducted by researchers at Children with Cancer UK, there are now 1,300 more cancer cases a year in children and young people (0-24 years) compared to 1998. The rise however, is more apparent in teenagers and young adults aged between 15 and 24, where the incident rate has risen from around 10 cases in 100,000 to nearly 16.
Similarly, over the last decade, prostate cancer incidence rates in males have increased by 5% in the UK. According to Cancer Research UK, one in eight men will be diagnosed with prostate cancer during their lifetime. With all these statistics in mind and readily available to the public, consumers in Britain are still failing to recognise the importance of protection cover.
Health problems can have an effect on both an individual’s physical and mental abilities which can sometimes leave them unable to work. The loss of income, whether short or long term, will impact the entire family and cause financial worry.
For the mortgage industry, and advisers in particular, it is important that clients understand the debt of obligation that comes with having a mortgage, and it’s the adviser’s job to encourage them to take action to protect themselves adequately and appropriately.
Protection must be embedded in every conversation advisers have with their clients to ensure that it becomes a familiar topic. Rather than ‘product selling’ protection insurance, advisers must work closely with their clients to develop a partnership that helps educate them on their liabilities and obligations and ensure they are aware of the effect of unexpected and the best available solutions.
By focusing on building a proactive and holistic offering for clients, advisers can help them source the best deal for their current needs, and help to service them throughout their life. This type of relationship will involve regular contact to maintain awareness of client’s circumstances, and ensure clients never lose sight of their need for protection as their needs and circumstances change. Advisers that take this approach – and build their business on service and quality, not just price – will have an offer that cannot be readily replicated or automated, keeping them ahead of their peers.
Advisers have a moral obligation to ensure customers understand their mortgage, and how changes in their circumstances will affect it. By addressing this issue, the importance of products like protection and life insurance will emphasise this, without needing a ‘hard sell’ to show consumers why they are a necessity.