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Life Stages – A look at protection linked to life’s journey

By 12th August 2021May 31st, 2023Blog, Protection

Shelley Read, Senior Development and Technical Manager

As my 21 year old son starts his adult life, a natural part of this journey is to move out of the family home and get a place of his own. This started me thinking about protection policies for him. Whether he rents or looks to buy his first property it’s important to have a policy that’s flexible enough to change with James as his career and family evolve. He will certainly want to increase cover, add different products and maybe even add another person to his policy. A menu plan is perfect for him both now and in the future, allowing him to change and amend his policy as he matures.

Ideal protection policies

As a young single person renting their first home life cover may not be that important. However, providing an income to maintain their lifestyle and ensure they’re able to meet their fixed monthly costs, including their rental commitment, certainly is. It may be this young person has aspirations to buy and should they become sick, either halting their savings plan or having to use any savings they have to live on, may well delay their desire to buy their first home considerably. Perhaps a family income benefit policy set up to pay a monthly income on diagnosis of a critical illness, alongside an income protection plan would be an ideal solution. It’s worth considering this too in preparation for future purchases and family commitments, as well as leaving some inheritance to their loved ones. As a young person’s life journey progresses, a menu plan will allow him or her to increase the sum assured as they possibly move to a larger property or add another person onto their policy.

Don’t forget the added value benefits that come with many protection policies. Royal London, for example, offer fracture cover at no extra cost with every Income Protection Policy and this could prove beneficial for youngsters who may play regular sport and have a higher risk of broken bones. And our Helping Hand* services continue to provide emotional and practical support throughout the life of their policy, and they don’t even need to make a claim to use it.

Getting started

There is a whole load of support out there to get you started with these kinds of conversations. This includes such things as white labelled sales aids, marketing material and wording for posts.

Professional introducers such as Lawyers and Accountants may not see as many young people, but Letting Agents are definitely worth talking to. A first time tenant with no history may have a better chance of successfully renting a property if they can be seen to have taken advice on protecting their income should the worst happen.

And have a look at your website. Make sure to mention how you can help all potential protection clients including renters and those saving for their first home.

For further information and support click here.

* Helping Hand is a package of support services provided by third parties that aren’t regulated by the Financial Conduct Authority. These services aren’t part of our terms and conditions so can be amended or withdrawn at any time.

Shelley Read

Royal London