First time buyers Buying your first home is not an insignificant financial obligation to say the least. First time buyers have usually stretched themselves financially to get on the ladder. That’s exactly why they’re so vulnerable to income shocks. Our research told us that: • 52% of first-time buyer couples need both incomes to cover essential outgoings. • 2 in 5 spend 20% of their monthly income on debt excluding mortgages. • Half would only last up to 2 months without their income. Consider reframing your conversations to tap into the emotion of their home. Highlight that securing their home is just as important as purchasing it in the first place. If cost is a concern, strip it back to essentials: “Let’s review how we can protect you so you can stay in this home – at the very least, the mortgage and main bills?” Parents of younger children Let’s start with families where there are younger children at home. We know that parents have no end to their worry and concern when it comes to their family. Our Reaching Resilience research highlights just how significant this is: • Almost a third feel they wouldn’t cope financially if they were diagnosed with a critical illness. • 80% are worried about the impact of their own and their families’ financial security should they experience a major health problem or injury. Protection Partner Article Making Protection Personal 8 If you’ve ever come away from a client meeting feeling your protection advice didn’t quite land, you’re not alone. In our Reaching Resilience research, we explored how needs, worries and perceptions of protection differ between key client groups. It gives you a practical lens for where to focus each conversation, so it feels more relevant, human and personal.
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