This week’s letter comes from Ria Wotherspoon, a financial protection specialist at Prolific Mortgage Finance (pictured). She wrote:
As a 21-year-old financial adviser the “I’m too young” excuse to not consider protection insurance has never sat well with me.
I have experienced illness and personal loss and watched my loved ones go through the same. The financial shock of these events is truly stomach dropping.
So the following are seven ways relatable to advisers and customers that I believe can change mindsets for the better and help to overturn the protection objection:
- Insurance is not a dirty word
Life is the most precious thing we have, so let’s talk about it, let’s protect it.
- Advisers should consider it a favour
When the storms of life hit, it’ll be you they thank.
I’ve learned most of us now rent our lifestyles. Do we ever buy things outright anymore? Protect your income, before you might have to give everything back.
- You’ve got a pet? I bet you’ve insured them.
Your income pays for that, so why not get that insured too?
- Businesses will have vans, computers and buildings insured.
How about your key workers who can’t be bought back if they are severely damaged, or lost?
- The Latte Effect
By sacrificing one latte per week, the average non-smoking 40-year-old male would be able to get covered for £191,000 life cover at just £16 per month.
- The C Word
According to Legal and General’s 2017 claims statistics, cancer was the number one reason for all claims involving critical illness cover, life assurance, terminal illness claims and even children’s critical illness cover. Everyone I’ve met knows someone that has gone through this horrible ordeal.
I hope to see protection, especially in the mortgage market, continue to rise and I will look to be a contributor to this success.