CLOSING THE INCOME PROTECTION GAP.

By 28th June 2019 Protection

ACCORDING TO ROYAL LONDON’S STATE OF THE PROTECTION NATION REPORT FROM JANUARY THIS YEAR, FOR PEOPLE WITH A MORTGAGE ONLY 19% HAVE INCOME PROTECTION, 29% HAVE CRITICAL ILLNESS COVER AND 60% HAVE LIFE COVER.1 A STAGGERING 81% OF PEOPLE WITH A MORTGAGE HAVE NO WAY OF PROTECTING THEIR INCOME IF THEY WERE UNABLE TO WORK.

38% of people that work full time said they didn’t need any income protection, but only 8% said they have cover with their employer. How will they intend to pay their mortgage if they don’t have their full income?

Don’t forget, income protection is just as important for renting clients as it is homeowners. If your clients get ill, lose their job or have their hours cut they’ll still need to pay rent and other utilities and if savings aren’t available then losing their home could be a real possibility.

Write it all out for your clients in black and white. Once they see the difference between what they think they can afford versus the reality if they lost their income it’s a no-brainer to get the cover they need to ensure
they don’t lose their home.

Make income protection a priority for every client you see. You’re not just protecting their income but also their home and livelihoods so they can focus on finding a new job or getting better instead of where they will sleep that night or if they will eat that day.

Do a proper job, have the tough conversation with each and every client and leave your appointments knowing you’ve given them peace of mind and the protection they need.

  1. https://adviser.royallondon.com/globalassets/docs/protection/stateof-
    protection-nation.pdf
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