You are here: Home - Better Business - Business Skills -

The protection options to help your clients – Roxburgh

by: Damian O’Connor, principal of Roxburgh Financial Management
  • 01/11/2017
  • 0
The protection options to help your clients – Roxburgh
Damian O’Connor of Roxburgh Financial Management assesses the key changes in the protection market.

There have been many interesting innovations and announcements in protection the last three months. If you’re focused on mortgage sales and protection isn’t your main area of expertise, here are three new tips to help your protection advice efforts.

 

Tech speeding-up applications

VitalityLife has launched two new quick and easy tools to help advisers do business with their clients.
The first is Reality Checker, which helps advisers to highlight the growing need for income protection with a few quick questions about income, savings and outgoings.

The tool produces a brief lifestyle protection report that shows how long the person’s savings would last if they had to stop working, along with their own personalised income protection gap, and supporting statistics around the likelihood of being off work.

Second, Trust Hub makes it quicker and easier to place policies in trust.

It’s integrated with VitalityLife’s Adviser Hub dashboard so advisers can complete the trust process and save documents for later.

All they need to do is enter a plan number to populate the information that’s already known. Clients can also access the Trust Hub without logging in and can self-complete the trust process.

 

Retention incentives

British Friendly is expanding its Mutual Benefits programme with three new initiatives designed to complement members’ income protection cover.

It means they see immediate benefits and value from their policy, even if they don’t claim. These are:

  • A bespoke health cash plan option from £2 per week to claim cashback on health expenses such as dental, optical, prescriptions and specialist consultations;
  • A limited number of health MOTs for members at no extra charge until January 17;
  • A 23% discount on a range of Fitbit devices to kick-start the wellbeing journey and monitor everyday health.

 

Growing the market

Aviva has launched simplified income protection to help customers cover their monthly outgoings if they cannot work due to illness or injury.

Living Costs Protection is a long-term insurance contract with the following features:

  • At the outset, customers select a monthly fixed benefit of between £500 and £1,500;
  • A claim payment period of up to 12 months per claim;
  • There is no limit to the number of claims a customer can make;
  • At claim stage, there is no financial assessment, and no deductions are applied. The customer will receive their selected benefit amount once Aviva has accepted their claim.

The product can provide an alternative solution to customers with fluctuating incomes such as the self-employed and contractors, where the income-based benefit calculation required for traditional income protection at both point of sale and claim can be complex.

In addition, it can provide a more affordable option for those in higher risk occupations.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • Jo Wilson from Legal & General Home Finance talks about her Best BDM nomination and her love for the equity release… https://t.co/0tHhv6Lwvc
  • Sponsored content: Four reasons your client wants a product transfer by Halifax Intermediaries… https://t.co/c1k3dj88LO
  • Nationwide trims rates as Accord ups cashback on buy-to-let deals - https://t.co/nbsZh3z49u

Read previous post:
Nationwide
Nationwide reveals base rate plans as rivals stay quiet

Nationwide has confirmed it will push up variable mortgage rates if the Bank of England raises the base rate tomorrow...

Close