Neil Carpenter, Trading Manager, Protection Distribution at Aviva, explores how advisers can overcome client objections by using empathy, insight and personalised tools to close the protection gap. In today’s uncertain world, protection is more than just a financial product, it’s peace of mind, resilience, and support during life’s challenges. Yet, despite its importance, a significant protection gap remains in the UK. According to the FCA Financial Lives 2024 Survey, just over half of the population (54%) still lack any type of protection insurance.* Across the industry, we all have a shared responsibility, not just to sell policies, but to educate, empathise, and empower clients. Understanding the rejectors Aviva’s research has identified several key customer segments that are more likely to reject protection. These include: • Young Families (30–45): Often lower earners or part-time workers, they may undervalue their role and see protection as non-essential. • Zillennials (25–30): Independent and carefree, they live in the moment and need early education on financial planning. • Anxious Uninformed (45–65): Financially stretched and overwhelmed, they need clarity and reassurance. • Family/Divorced (30–55): Often cynical or self-reliant, they require trust-building through relatable stories. Each group has unique mindsets and challenges, but they all share one thing in common: they need to see protection as relevant to their lives. Making protection personal One of the most powerful shifts in protection conversations comes when advisers start with the person, not the product. It’s about understanding where someone is in life, their fears, their goals, and their priorities. The LIFE model is a simple yet effective framework to guide these conversations: • L – Long-term: What are their aspirations for the future? • I – Income: How do they earn, and what would happen if that stopped? • F – Family: Who depends on them financially? • E – Enjoy: What do they love doing, and how would losing income affect that? By using open-ended questions and listening actively, you can uncover the emotional drivers behind financial decisions. This approach not only builds rapport but also helps clients articulate their own need for protection. Future proofing protection and our biggest cover upgrade yet Neil Carpenter Neil Carpenter, Trading Manager, Protection Distribution 08 AUTUMN PROTECT NEWSLETTER
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