PARADIGM PROTECTION NEWSLETTER WINTER 2024 www.paradigm.co.uk/protection
CONTENTS 4 Protection Market Update Paradigm Protect Mike Allison 8 Bupa Why now is the perfect time to sell Health Insurance 12 Legal & General Crital Illness Cover vs Critical Illness Extra 16 Guardian Income Protection's role in the protection mix 18 Aviva How being inclusive can help your advice business grow 20 Paradigm The importance of talking about Men's Mental Health Riona Mulherin
1: Help@hand from Unum services (the ‘Services’) are provided to Unum Limited (“Unum”) customers by third-party specialist providers chosen by Unum. Unum is not the provider of the Services. The Services are entirely separate from the insurance policy provided by Unum. Access to the Services is facilitated by Unum at no cost to the Unum customer, and Unum may change or withdraw access to the Services at any time. Use of the Services are subject to the terms and conditions of the relevant third-party specialist providers. Services are available to UK residents only. For further information, please go to unum.co.uk/frequently-asked-questions/services. Unum Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered and Head Office: Milton Court, Dorking, Surrey, RH4 3LZ. Registered in England company number 983768. CR00878 11/2024 Better impact Access to high quality health and wellbeing services, delivered through the award-winning Help@hand app1. Better pricing Get instant online quotes and your best price across all three group protection products. Better support 90% of our clients are SMEs and all are offered complimentary onboarding sessions and wellbeing training workshops. unum.co.uk I unumUK Get an instant Group Life or Group Income Protection quote
customers. Research by Towergate Health & Protection of 500 HR professionals showed that for 57% of employers, employee mental health is their greatest concern regarding hybrid working. Mental Health topped the list, but was followed up by Physical Health (49%); Financial Health (44%); and Social Wellbeing (44%). Similarly, RedArc released the results of its annual patient survey earlier this year, detailing the priorities of those who sought professional support in a time of illness, trauma or bereavement. The most valued service for patients was having someone to talk to outside of their immediate family and friends (77%). Being there for people is important and can be one of the most valuable traits to exude and if there is a message I would like all to heed this Christmas, it would be around offering support to people in need of a conversation. In terms of the Protection market, many advisers still tell us that their workloads in the past few months have had a negative effect on protection sales. We have seen many firms developing their own in-house Protection specialists this year with our assistance, which has been extremely encouraging and we are looking at further ways to support new entrants to the market in 2025. This is all in addition to continuing to offer learning opportunities and support for those established specialists too. Consumer Duty says that all consumers should be made aware of the risks of not being adequately protected, so I would urge those who haven’t filled this gap yet to consider the alternatives, including signposting. I know this is often a maligned method but in the absence of anything else it could be something firms consider in the short term, until a more permanent advice process for clients is established. As you will know, we have a selected partner for this in Howden Life & Health – find out more Mike Allison Director of Protection Paradigm Protect Protection Market Update 04 WINTER PROTECT NEWSLETTER As we approach the end of the year, it’s only natural to reflect on the past 12 months and then plan for the year ahead. In our business, it’s no different… we look at what we have tried to do to support our members, and look at how we can enhance the proposition moving forward, offering even more solutions for you and your clients. This includes the work we do with Providers behind the scenes on areas such as technology and artificial intelligence (AI) – the latter which has already started to affect our lives, whether we recognise it or not. Life can be so busy, and we are often so entwined with work that we sometimes fail to reflect on our personal lives too, and in some cases the bereavements or grief we have faced in the past 12 months. As an industry, we work hard to support mental health and wellbeing, and at this time of year especially, it is good to talk about our lost colleagues, friends, and most importantly, family to help relieve the chasm in our lives that these losses often leave. Bereavement support and mental health support are generally now a part of most life insurance policies sold, and although statistics show how bereavement can hurt the living more than most issues, we still see very little usage of helplines for both bereavement and mental health compared to total policy sales. It is incumbent on us all to remind customers what they are entitled to and the value-added benefits included in the policies they’ve purchased - not just the potential monetary sums, this further adds to the value of the advice you give to your
05 WINTER PROTECT NEWSLETTER Continued on next page... here. This is just as important for wealth clients too, something brought to the fore by potential changes to IHT laid out in the October Budget. Mortgage and Protection Outlook for 2025 I wrote in this newsletter last year that the mortgage market had been unpredictable, and that it would be far from stable in 2024. Perhaps we didn’t see Lenders moving interest rates so sharply downwards without base rate cuts, but that certainly continued to add to the challenges for advisers in this space. What we do know is that the mortgage market will be significantly different again in 2025, if not solely for the sheer volume of maturities - believed to be around £400bn – the biggest ever figure. Most commentators see a modest rise in the market from this years’ predicted £230bn to perhaps £260bn. to general cost of living rises, however, the wide choice of Providers we now offer is helping to provide clients with some quality products at decent pricing levels. Many firms are using signposting for GI now too, and we have several options for this. We have seen a great performance from Income Protection (IP) sales this year. Individual new IP business premiums are at an all-time high, stimulated in part at least from younger customers, many of whom see tremendous value in IP. If other research is to be heeded, they also value independent advice to consider purchasing it. Many younger purchasers of IP, according to the 2024 AMI Protection Viewpoint, have witnessed the issues of their parents suffering reduced or no income, and are therefore more amenable to this sort of advice as opposed to Life and CI. Firms may need to tailor their marketing activities to reach these younger audiences. Two years ago, the Income Protection Task Force (IPTF) had a goal to double sales within three years, and we can applaud their efforts in educating intermediaries, demonstrating value and ultimately supporting more advisers to talk about protecting income with confidence. While IP still only represents a relatively small proportion of overall protection sales, it feels like momentum is growing and our IP sales within Paradigm this year have been nothing short of spectacular. From a Paradigm Protect point of view, I’m delighted to say that we are bucking the trend for overall protection sales this year, being ahead of last year’s numbers in a declining marketplace, so as ever, a big thank you to all who have supported us. What do Consumers think of us? The AMI Protection Viewpoint report once again gives some interesting insights into what customers are thinking; some of the key takeaways are: • Younger protection holders seem more engaged with their protection, reviewing their cover more frequently than older Protection and mortgage advice are inextricably linked, and so what the mortgage market does is important in either dampening protection sales or opening advice opportunities. This year, in the H1 at least, is a reduction in protection sales again – perhaps down to challenges in the mortgage market or the reduction in nonadvised businesses that accounted for half of new term sales in 2023. This could be due to the lack of client contact as a result of the mortgage market and workloads; indeed, either way, protection sales have suffered. In terms of Life and associated covers, of course, commercially it makes sense to review a client’s needs every time the opportunity arises - whether it be Remortgage or Product Transfer. This includes General Insurance (GI), and we are seeing Buildings and Contents Cover Premiums rise at a pretty strong rate due
06 WINTER PROTECT NEWSLETTER people. • 30% of Gen Z and 36% of Millennials have reviewed their cover in the last 6 months compared to 17% of Gen X and 13% of Boomers. • 22% of Gen X and 31% of Boomers have never reviewed their cover compared to just 9% of Gen Z and 8% of Millennials. In the constant debate about annual statements from Providers, one relatively simple solution is for advisers to create one themselves – showing what clients have, and, as importantly have not, can often prompt a conversation with your customers. Click here to read the report. What’s in store for 2025? FCA Review into Protection Since the Protection regulation was introduced in 2005, the FCA has very much left the industry to continue without too much interference. Protection is often linked to GI regulation and some of the broader themes such as Consumer Duty implementation apply to distribution of Protection products. However, it has never had its own specific focus… until now! So, the announcement of the review was something of a shot across the bow, as they feel there is a need to look closely at why the Protection market isn’t working well. Presently they are in an informationgathering phase and we know that they want to ensure that the consumer is at the heart of the advice process and that commission arrangements are maximising good outcomes. The next phase will be a data-collecting exercise from Providers, some firms and then their pronouncements following the review in the same way MMR reviewed the Mortgage Market. Paradigm Protect are engaged with both the Regulator and Providers on this, and will keep you updated. New Entrants and/or New Products During 2024, we saw the final closures of Aegon and AIG Life - which incidentally is also a part of the regulator Protection Review as they will look to see that there is a healthy market and why Providers are exiting the Life space. Whilst we have seen products go, we have also seen activity from Providers to increase their footprint in the intermediary space, e.g. Scottish Widows have added IP to their proposition, Royal London have added Second Death Term to their range, and there
07 WINTER PROTECT NEWSLETTER have been other amendments too. There have been whispers of more potential new entrants too, and we will keep you posted on this, as always! Our Healthcare sales have also been impressive this year as more employers and individuals are turning to Private Healthcare. We have a panel of Providers and support available if it is something you wish to consider, find out more here. Tech and Artificial Intelligence (AI) AI is playing a greater role in the Provider world; underwriting models, pricing and claims experiences are just three areas that the major Providers are using AI for. Likewise, in the distributor world, there is call listening technology that supports the assessment of client vulnerability, but it is at an infant stage in most cases. Clearly with limited experience comes ‘limited value’ AI; sometimes it can be so narrow in its learning that it becomes something of a self-fulfilling prophecy. So, as distribution tech is at the early stages I would personally think seriously about adopting as part of any internal processes until the quality can be verified. Key learnings from 2024 to take into 2025 - “Expect the unexpected. Focus on what you can control” 2024 was a record-breaking year for elections; around the world, more than 2 billion voters in 50 countries headed to the polls. Geo-political uncertainty still reigns, with stock markets not fully settled on the impacts on the global economy. In the UK, our change of Government is starting to impact interest rates and potentially housing availability, which is positive for our market – if it delivers! Lloyds reported half of UK mortgage holders could see their payments increase over the next three years, the Bank of England has said. It estimates that about 4.4m mortgages are expected to see payments rise by 2027, including £500-per-month hikes for around 420,000 households. However, about a quarter of borrowers are set to see payments fall, and the Bank said households were better equipped to cope with mortgage repayments than predicted earlier this year. The clear message from all of this is that most advisers have survived a pretty tough 2024 and are well-equipped to cope with the challenges of 2025 and beyond. Focussing on what you can control has never been more important commercially. There are huge opportunities out there for 2025 when it comes to protection, whether you do this internally or refer to a signposting partner – once again, you can find out more about our selected partner for this here. Paradigm Protect: An award-winning proposition We’re absolutely thrilled to have picked up some prestigious industry awards as we celebrate our tenth anniversary this year, including: • Winner - Outstanding Adviser Network - COVER Excellence Awards • Winner - Distributor of the Year - Scottish Mortgage Awards • Winner - Best Protection Network/Club - Protection Review Awards (for a second year in a row!) • Winner - Customer Excellence: Service Providers - Legal & General Quality awards Over the years, we’ve tried to develop a proposition that adds real value beyond just commission – including the widest panel of Providers in the DA space, no loaded premiums, our CPD Academy, Protection Helpdesk and CPD events to name but a few! I must offer a personal thank you to all of the team involved in delivering those services to you, but the biggest thanks go to you, our business partners for Protection, who continue to put faith in us to deliver those services for your clients. All of us at Paradigm Protect are looking forward to continuing to support you into 2025. Finally, let me take the opportunity to wish you, and all of your families a Happy Christmas and a prosperous and healthy New Year!
By Bupa Marketing Team Putting health first. That’s something Bupa has done for over 75 years. But getting the care we need isn’t always simple. With increasing healthcare pressures and longer waiting times, more and more people are turning to private health insurance to help. The market has grown by a staggering £385m in a single year, with demand expected to keep rising throughout 2024. That makes now a better time than ever to go even further for your clients by rounding out your offering and selling health insurance. What can it offer to your clients? We know the demand for health insurance is rising. That means up and down the country, clients like yours are asking for it already. Not only are they likely to be open to conversations about it, but they might already be sold on how it helps them. It’s extra peace of mind in an unstable world. The knowledge that their hard-earned money is going towards something that helps them, both now and in the future. And for clients or prospects unaware of how it could help, there are plenty more upsides to discuss. Bupa insurance, for example, offers your clients: • Fast access to the care they need • Quick referrals and diagnoses • Their choice of consultants • Control over their cover • Access to breakthrough medicine and treatments, often before they’re widely available • Flexibility to choose when and where that treatment happens Who is health insurance for? It’s not just the appetite for health cover that’s changing — it’s our preconceptions about who is buying it. Because it isn’t only the highest earners or older generations. With growing conversations around wellbeing - both physical and mental - it should come as no surprise that people of all ages are realising the value of looking after their health. Bupa has a diverse range of health insurance customers, spanning from young professionals early in their careers to retirees that remain active and health conscious into their later years. For you, that opens up an untapped market of prospects looking for a helping hand with health. Selling health insurance helps your business too It’s important never to lose sight of what matters most — helping your clients. But that doesn’t mean you can’t benefit, too. In fact, according to Bupa, there are plenty of reasons selling health cover can help intermediaries in both the short and long term. - It can help you keep your best clients around. Their needs aren’t static, but they trust you and your judgement. Make Why now is the perfect time to sell health insurance 08 WINTER PROTECT NEWSLETTER
sure you’re keeping your most valuable clients close by your side by staying ahead of what they’re asking for. - It lets you seal your reputation as their go-to for insurance. When clients have different types of insurance from different providers, it doesn’t benefit anyone. Round out your offering and simplify their experience by presenting clients with a complete insurance package. - It’s an opportunity for growth. Whether you’re a solo worker or part of a wider team, intermediaries of all sizes can experience personal and financial growth while selling health cover. Plus, its broader appeal means there’s a whole new audience at your fingertips. How Bupa makes selling simple While it might be the best time to offer health insurance, that doesn’t mean it’s easy. If you’ve never sold it before, there’ll be new products, language, and even clients coming your way that you need to adapt to. That’s why Bupa is here to help. Not only does its cover continue to go further for your clients - like the brand-new dental allowance included with all consumer policies - but there’s one-to-one support for intermediaries too. Because Bupa’s focus is your growth, it recently welcomed five new business development managers based across the UK to help you branch out into health insurance. Not only that, but its Consumer Adviser Support Hub was designed to help intermediaries sell health cover without the hassle. Whether you’re looking to learn how health insurance works or want to know what sets Bupa apart, it has all the tools you need to have great conversations with clients and prospects. Making health happen, together Between record growth and offers that are stronger than ever, there’s never been a better time to sell health insurance. If you’re looking to get started, give Bupa a call on 0800 332 000. To get help with next steps, start the conversation by emailing personalintermedsales@bupa. com. To register to become an intermediary with Bupa, click here. 09 WINTER PROTECT NEWSLETTER
By Legal & General Marketing Team Life is full of unexpected events and when things don’t go to plan, it’s good to know that your clients will have financial help if the worst were to happen. Our Critical Illness Cover is designed to offer a helping hand to your clients if they’re diagnosed with a specified critical illness. It provides a lump sum to help their families stay financially secure during this difficult time, supporting their daily expenses, mortgage payments or medical costs. Our comprehensive core critical illness policy (Critical Illness Cover) can be tailored to your clients’ needs, but we also offer Critical Illness Extra for clients who want a little more protection. What are the benefits of Critical Illness Extra? With Critical Illness Extra, you’ve got an advantage. As it’s exclusively available to advisers, customers can get access to better products by seeking advice, rather than going direct. All the features of our core cover are included, as well as extra full payment conditions and additional payments. So, if your clients are interested in additional coverage, it’s worth considering Critical Illness Extra with them. For both Critical Illness Cover and Critical Illness Extra, customers have the option to upgrade from Children's Critical Illness Cover to Children's Critical Illness Extra for an additional cost, when taking out cover. It covers all conditions listed under Critical Illness Cover, plus additional specified conditions like Cerebral palsy, Cystic fibrosis and Down’s syndrome. There are plenty of additional benefits too, which include: • Cover from birth until their 23rd birthday • Family Accommodation Benefit up to £3,000 • Cover for an unlimited number of relevant children • Children’s Terminal Illness Cover of £40,000 (or 50% of the amount of cover if lower). To find out more about what’s included, 12 WINTER PROTECT NEWSLETTER Critical Illness Cover vs Critical Illness Extra: Which one is right for your clients?
check out our handy guide. Recent enhancements to Critical Illness Extra We are always looking for ways to improve our protection offering as we want to make Critical Illness Extra even better for your clients. We recently made some changes which look ahead to the future and anticipate what your clients may be in need of, such as: • Broadened definitions: We’ve expanded several definitions to provide more comprehensive coverage, including severe mental illness and severe bowel disease. • Increased payments: We've increased additional payments from the lower of £30,000 or 50% of the cover amount, to £35,000 or 50% of the cover amount, providing greater financial support to your clients when they need it most. • Extended cancer cover: We've added new cancer definitions including cutaneous lymphoma and some progressive sarcomas. We've also reversed the low-grade thyroid cancer exclusion (it's still part of core Critical Illness Cover). • Extended age coverage: We’ve extended the age that children are covered by Children’s Critical Illness Extra from their 22nd to their 23rd birthday, making sure your clients' families are protected for longer. From additional benefits to larger payouts, there are plenty of advantages to choosing Critical Illness Extra for your clients. When you help your clients secure a Critical Illness Extra policy, you provide them with some of the most comprehensive and exclusive protection available, ensuring their peace of mind and financial security. Find out more. Legal & General Assurance Society Limited. Registered in England and Wales No. 00166055. Registered office: One Coleman Street, London, EC2R 5AA. 13 WINTER PROTECT NEWSLETTER
16 AUTUMN PROTECT NEWSLETTER CIC Compare CIC Compare is an easy to use module that helps you compare critical illness policies in under five minutes. With CIC compare you can: Compare current and historic policies Weigh up CIC policies seeing them side by side, with unlimited comparisons across whole of market including Vitality Find out more or book a demo defaqto.com/solutions/engage call us on 01844 295 546 email us at [email protected]
Paradigm Online: Mortgage Market Opportunities in 2025 ‘Bring a Landlord’ Webinar London Mortgage and Protection Workshop Haydock Mortgages and Protection Workshop Solihull Mortgage and Protection Workshop Paradigm Online: Specialist Lenders, how to make money in a falling market Norwich Mortgage and Protection Workshop Paradigm Online: Protection Webinar Paradigm Online: Regional Building Societies We have additional dates and locations available, so click here to find out if we are coming to an area near you!
There has been a debate about the increase in income protection recommendations and even some speculation about whether income protection could eventually overtake critical illness insurance in terms of policies sold. At Guardian we think the increase in income protection sales is a welcome development. It’s great to see that more clients are recognising the impact illness could have on their income and looking to mitigate that risk. But, when it comes to a discussion of which type of protection is best, it doesn’t need to be an ‘either/or’ conversation. Our view as a provider of critical illness cover and income protection is that there is merit in each, depending on client circumstances and indeed, the ability to put forward a bespoke menu recommendation is very powerful. Trends in product types across the market Looking at the overall trends, the good news about income protection comes in the context of a fall overall for the year in long-term protection insurance. The Swiss Re Term and Health Watch report for 2023 (published this May) showed that term, whole of life, critical illness cover and income protection were down 5.5% in 2023 compared with 2022¹, no doubt driven by the economic context. In 2023, income protection sales were more than a silver lining. New income protection policies increased by 10%, rising to 198,566 with growth in both ‘to retirement age’ products and 2-year limited payment term products, which grew by 12.5% and 12.2% respectively. What’s driving these trends? We also know all too well that our customers and your clients have faced some very testing times from the pandemic and subsequently soaring costs often including mortgage costs. It’s very likely that these costs are reflected to a degree in the contraction in overall sales. However, we’d say to anyone trying to understand the market to not just accept that obvious explanation or at least not solely. For example, our research with advisers over recent years, confirms that we did see a change in clients’ attitudes because of the challenges to their health and wealth posed by the series of crises. We might suggest that with changing priorities and even mindsets, some clients may be more open to income protection and what it can do for them. The ability to control costs by selecting a longer deferred period, or shorter payout period, may also be a factor in income protection’s growing popularity but we need to talk to advisers to really get a full picture. Anecdotally, we know that more advisers are considering, discussing and recommending income protection so it may be that years of work from protection market influencers, among them many 16 WINTER PROTECT NEWSLETTER Rachael Welsh Head of Marketing Guardian Income Protection’s role in the protection mix
17 WINTER PROTECT NEWSLETTER advisers, and important work by the Income Protection Taskforce may be coming to fruition. So what do we predict for the future? In the past, when we’ve wanted to improve our understanding of the protection market including product design, we’ve asked advisers’ views. That can be in our everyday contacts and with regular surveys. It also helps to examine the profile of the business placed with Guardian and of course combining this with the big sector-wide surveys, such as that done by Swiss Re, and quoted above, although we do have to remember they tell us about last year with its very high inflation, rather than now. What our own data is showing To date, nearly 60% of Income Protection was recommended alongside other covers, with the balance sold stand-alone². Out of those sold as a menu, unsurprisingly, more than half (51%) was sold with life cover. Something we call ‘the Dynamic Duo’! However, to re-emphasise the point that it’s not always ‘either/or’, almost a third of Income Protection is being sold alongside Critical Illness Protection or Combined Life and Critical Illness Protection. Another interesting and, we think, encouraging statistic is that Income Protection with Children’s Critical Illness Protection made up a healthy proportion of sales where Income Protection was sold along with something else. So what can we conclude about the mix going forward? In very general terms, what I think we can see beneath the ‘more income protection trend’ is a lot of considered advice carefully attuned to client’s needs, attitudes and indeed budgets all being met by a mix of covers. Then stand-alone may be meeting a specific financial planning need or simply be the preferred means of insuring mortgage payments, for example. We also hope that within this, various features of the products within our own menu are also helping make the case for an intelligent blend, whether it’s choosing between our 2 different life covers for different budgets, or factoring in that we have Premium Waiver as standard and which kicks in after 28 days with Income Protection regardless of the deferred period, Payout Planner with life cover and our cover upgrade promise on critical illness cover. We welcome your views Yet we have set ourselves a little task and indeed hope advisers will help. Rather than just taking the increase in income protection sales as read and moving on, it would be great to understand why advisers think it is happening and any further implications. We’ll be asking advisers for their views in the coming months including why and whether they think the trend will continue, and whether income protection might even overtake critical illness cover as the main additional cover to life covers in a ‘Dynamic Duo’ protection recommendation. Our experience in these years of significant turmoil is that if you can create a kind of 3D view of what is happening, then the better you can position yourself to meet customer demands and customer needs in future. Sources: 1. Swiss Re, Term & Health Watch 2024. 2. Guardian sales data from the launch of our income protection on 3 April 2023 - 20 September 2024. Guardian Financial Services Limited is an appointed representative of Scottish Friendly Assurance Society Limited. All products are provided by Scottish Friendly.
By Chris Bailey-Munt, Intermediary Social Media Manager At the heart of any successful marketing strategy is the ability to reach and genuinely engage customers through relevant, timely communications and support. Recognising that needs sometimes differ among customer subgroups. What is Inclusive Marketing? Inclusive marketing addresses diverse needs by tailoring creative and messaging to target groups and deliver content through their preferred communication channels. For financial advisers, inclusive marketing means tailoring your communications to be accessible and appealing to different demographic groups, ensuring no one feels excluded or overlooked. By being inclusive and representing all communities, advisers not only promote equality but also unlock new business opportunities by reaching a broader audience. The Importance of Inclusivity in Financial Services Inclusive marketing has the potential to expand your client base to communities some of whose members may sometimes feel underrepresented. By being visible members and allies of these communities, financial advisers can attract clients who might feel overlooked. It’s about creating meaningful connections with clients from all backgrounds. Promoting inclusivity isn’t just exclusive to marketing. It’s particularly important that the industry champions the visibility of advisers from all backgrounds, who can show clients protection is for everyone. This can help break down barriers, making services more appealing and accessible, helping to build trust with clients. This is essential for building long-term relationships, client loyalty, and increasing client recommendation. Stand Out in the Crowd Inclusive marketing can differentiate financial advisers. By demonstrating an authentic commitment to inclusivity, advisers can attract clients who value these qualities and seek advisers who align with their values. Implementing Inclusive Marketing 1. Understand Your Audience: Research your clients to better understand the demographics, preferences and needs of your diverse customer base. This understanding will help tailor your marketing messages, communications 18 WINTER PROTECT NEWSLETTER18 How being inclusive can help your advice business grow
19 WINTER PROTECT NEWSLETTER and media to different demographic groups. When it comes to communicating with your clients it’s important to remember that one size doesn’t fit all. Some clients will respond to the written word, others will prefer a more visual approach with video and images. Some will want to meet faceto-face while others may prefer virtually. Feedback Mechanisms: Implement feedback mechanisms to gather input from diverse customer groups. Use this feedback to continuously improve your marketing strategies and ensure they remain inclusive. Diverse Representation: Ensure that your marketing materials feature diverse representation. This includes using images and stories that reflect different ethnicities, genders, ages, sexual orientations and abilities. Representation matters and helps all customers feel included. Culturally Relevant Content: Create content that is culturally relevant and sensitive. Avoid stereotypes and ensure that your messaging is respectful and inclusive of all cultures and backgrounds. Accessible Marketing: Make sure your marketing materials are accessible. This could include making sure that language is as clear and simple as possible, providing translations where necessary, and ensuring that digital content is accessible to people with disabilities. Awareness Training: Equip your team with the knowledge and skills to interact respectfully and effectively with clients from diverse backgrounds. Train your employees on the importance of inclusivity and how to implement inclusive practices in their work. This ensures that the principles of inclusive marketing are upheld throughout the organisation. Training can help your team understand and address the needs of different client groups. You can search for resources online or contact a local charity which represents your diverse community, as many offer training in exchange for a donation. Leverage Technology: Digital tools and platforms can help financial advisers reach and engage with diverse client groups more effectively. Social media platforms allow for targeted advertising, enabling advisers to tailor their messages to specific demographics. Additionally, online tools can make it easier for clients to access and manage their life insurance policies, enhancing accessibility and convenience. Regulatory Considerations: Regulation promotes fairness and transparency in financial services, ensuring marketing is clear, fair, and not misleading. All clients must be treated with respect and dignity, regardless of their background. Future Trends in Inclusive Marketing The future of inclusive marketing in financial services is promising. As visibility and awareness of diverse groups continues, the demand for inclusive services will grow. Financial advisers who embrace inclusivity authentically will be well-positioned to meet this demand and grow their business. Future trends may include using technology to personalise marketing messages and developing new products that cater to the unique needs of clients. Conclusion Inclusive marketing is a necessary approach for financial institutions that want to thrive in a diverse and dynamic market. Being authentically inclusive is a powerful tool for financial advisers offering life insurance products. Understanding and addressing the needs of all clients can help advisers to grow their client base, enhance satisfaction and loyalty, and increase recommendations from within the community. Implementing inclusive marketing strategies requires a commitment to understanding and respecting diversity, being openminded, and a willingness to keep learning. By embracing inclusivity, financial advisers can build stronger, more meaningful relationships with their clients and drive long-term business success.
20 WINTER PROTECT NEWSLETTER Trigger warning: Mentions suicide Mental health is a critical aspect of overall well-being, yet it often remains a topic shrouded in stigma and misunderstanding. This is particularly true for men, who face unique challenges and societal pressures that can significantly impact their mental health. In November, we saw two initiatives - Movember and International Men's Day - bringing men's mental health issues to the forefront, encouraging open conversations and fostering supportive environments. I thought it would be helpful to dig a little deeper on these matters given that financial services remains a male-dominated industry. Firstly I thought it would be useful to understanding the scope of men's mental health issues in the UK. Here are some worrying, yet important statistics: • Common Mental Health Disorders: Approximately 12.5% of men in the UK are suffering from one of the common mental health disorders. • Alcohol Dependence: Men are nearly three times more likely than women to become alcohol dependent, with 8.7% of men being alcohol dependent compared to 3.3% of women. • Suicide Rates: In 2023, there were 6,069 registered deaths by suicide in the UK, with 75% of these being men. Men are three times more likely to die by suicide than women. • Stress: In a survey conducted for the Men’s Health Forum, 12% of men said that the last time they took time off work to see a GP was because they were “constantly feeling stressed or under pressure” and 11% because of “prolonged feelings of sadness.” • Therapy: Men are less likely to access psychological therapies than women - only 36% of referrals to NHS talking therapies are for men Talking about men's mental health is essential for several reasons. It helps to break down the stigma that often surrounds mental health issues; when people feel comfortable discussing their struggles, it becomes easier for them to seek help and support. Open conversations about mental health can also educate others about the signs and symptoms of mental health issues, leading to earlier intervention and better outcomes. How can we help to foster environments which encourage this? In the workplace, I think developing a positive company culture where people feel they can bring their ‘whole selves’ to work is key. In addition, making support available – whether this is giving line managers more training in supporting those who are struggling, highlighting useful resources to staff or perhaps investing in someone to become a Mental Health First Aider that can take a lead on providing help and guidance. As with general mental health, men's mental health issues are diverse and complex, ranging from depression and anxiety to The Importance of talking about Men's Mental Health Riona Mulherin Director of Marketing & Operations Paradigm
21 WINTER PROTECT NEWSLETTER more severe conditions like bipolar disorder and schizophrenia. However one of the most pressing concerns is the high rate of suicide among men, as shown above, men are three times more likely to die by suicide than women. This alarming statistic underscores the need for targeted mental health interventions and support systems tailored to men's specific needs. Several factors contribute to the mental health challenges faced by men. Societal expectations often dictate that men should be stoic, self-reliant, and emotionally resilient. These stereotypes can discourage men from seeking help or expressing vulnerability, leading to untreated mental health issues. Additionally, men may experience stress related to work, financial pressures, and family responsibilities, all of which can exacerbate mental health problems. International Men's Day 2024: Celebrating Positive Male Role Models International Men's Day, observed annually on November 19th, provides important platform for addressing men's mental health. This day celebrates the positive contributions of men to society, their families and their communities, while also drawing attention to the challenges they face. The theme for this years’ International Men's Day was ‘Positive Male Role Models’ highlighting the importance of fostering open conversations about men's mental health and creating environments that support their well-being. The day also promotes the extremely important message that seeking help is a sign of strength, not weakness, and that everyone deserves access to mental health resources and support. Movember: Changing the Face of Men's Health As I’m sure many of you know, Movember, an annual event held every November, has become synonymous with raising awareness about men's health issues, particularly prostate cancer, testicular cancer and mental health. The movement encourages men to grow moustaches during the month to spark conversations and raise funds for men's health initiatives – some of you may have seen that our CEO, Bob Hunt, has taken part this year! Take a look at his fundraising page (featuring an amusing photo!) here. One of the key focuses of Movember is mental health and suicide prevention. The campaign funds numerous projects aimed at improving mental health services, promoting early intervention, and reducing the stigma associated with mental health issues. Movember's initiatives include community programs, educational resources, and support networks designed to help men navigate their mental health journeys. Continued on next page...
22 WINTER PROTECT NEWSLETTER Both Movember and International Men's Day are just two occasions providing valuable opportunities to shine a light on men's mental health issues and promote positive change. By encouraging open conversations, challenging harmful stereotypes and providing access to resources and support, these initiatives are helping to create a world where men can thrive both mentally and physically. Hopefully, together we can all continue to raise awareness and advocate for men's mental health. I’ve listed below some helpful resources that provide support for men's mental health, should you or someone you know need it: 1. Movember – As mentioned, Movember funds various mental health programs and provides resources for men to seek help. Visit Movember for more information. 2. Mental Health Foundation: They provide comprehensive information on men's mental health, including why men might not talk about it and how to get help. Check out their resources at Mental Health Foundation. 3. HeadsUpGuys: This resource is specifically designed to support men in managing and recovering from depression. It offers practical tips, tools, and information. Check out HeadsUpGuys. 4. Men's Minds Matter: This organisation focuses on men's mental health and suicide prevention. They offer psychological interventions and raise awareness about male suicide, including how to help a suicidal friend. Visit Men's Minds Matter for more information. 5. Mind: Mind offers advice and support to anyone experiencing a mental health problem, including men. They have specific resources and information tailored to men's mental health. Check out Mind. Finally, I know that the festive period, and winter in general, can be a difficult time for many – irrespective of gender. Please do take time for yourself and look after yourselves and your loved ones. Remember, reaching out for help is a sign of strength, and there are many people and organisations ready to support you. If you are worried about someone, please encourage them to talk and likewise if you need support, don’t forget you are not alone. Wishing you all a happy and healthy 2025.
23 WINTER PROTECT NEWSLETTER Scan to listen here Thank you for your support, and we look forward to what 2025 holds!
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