their income (including themselves). Losing an income often has a domino effect, and it’s always good to remind your clients that an Income Protection policy is more than just about protecting them. Ask your clients who are couples: • How would you cope financially with just one income? • What about if it’s the primary earner whose income stops? • If you can cover essential outgoings, how prepared are you to sacrifice other aspects of your lifestyle? • How many people are you supporting with your own income? What would be the impact to them if you couldn’t work? Over half of the working population said they’d feel more financially resilient with Income Protection or Critical Illness cover If there’s one message to focus on, it’s the opportunity that’s out there for advisers. We asked how financially resilient they’d feel with insurance that pays a lump sum for a serious illness or covered their income if they couldn’t work due to illness or injury. Over 50% could see the benefit of these types of protection in providing peace of mind for their financial future. When we specifically mentioned product names, 1 in 4 workers who don’t currently have protection would like to have either Income Protection or Critical Illness cover. Clients aren’t always aware that protection is the solution, or even in some cases that it’s an option. As an adviser, you’re uniquely placed to demonstrate the role that protection products play in building financial resilience. Read our Reaching Resilience report Our latest Reaching Resilience report is packed with insights that can really help you to frame the protection conversation. It also dives into some core groups you might come across, specifically first-time buyers, families with children and the selfemployed, providing insights to tailor your conversations. To read our report and find other resources, visit our Reaching Resilience hub. You can also contact your LV= account manager to arrange a 1-2-1 session. *The data used in our Reaching Resilience report comes from a survey of 4,000 nationally representative adults conducted for LV= by Opinium between 23 November and 3 December 2023. **Average outgoings is based on data from our LV= Wealth and Wellbeing Research – June 2023. Moneyhelper suggest a good rule of thumb is to have 3 months of outgoings in savings. 13 SPRING PROTECT NEWSLETTER
RkJQdWJsaXNoZXIy NzAxMDUz