Supporting vulnerable customers
Protecting vulnerable customers is a key priority for the Financial Conduct Authority ( FCA ), who want to see firms explicitly embedding the fair treatment of vulnerable customers into their culture . Addressing mental health concerns firmly fits into this category .
You ’ ll likely have clients of your own who may , at some stage , be categorised as vulnerable – perhaps due to losing their job , going through a divorce , losing the main breadwinner in their family or being unable to work themselves due to an accident or illness . While these events will likely cause only temporary vulnerability , they can all cause extra emotional strain . So , it ’ s reassuring to know that support ’ s available to help during these difficult times .
While the financial insurance you ’ re providing is fairly intangible – and something most people hope they ’ ll never have to rely on – the added-value services alongside it can provide a valuable , useful and real benefit that clients can relate to . For example , Aegon ’ s health and wellbeing service is available 24 hours a day , every day of the year , providing confidential and compassionate counselling on a range of issues , including bereavement , medical diagnosis , emotional health , relationships , family concerns , finances , debt , legal issues and consumer rights .
Bringing added-value services into the protection conversation
Discussing added-value services early in the protection conversation can help pique your clients ’ interest . When it comes to mental health support available through the NHS , you often need to be referred to a specialist by your doctor . With the maximum NHS waiting time for consultant-led mental health services currently 18 weeks 5 after you ’ ve initially seen a doctor , your clients could be in for a lengthy wait for this much-needed support . But it ’ s not only waiting times that need to be considered – it ’ s also how accessible these services are to your clients .
By taking a little time to research the available NHS services local to you , you can further demonstrate your value by highlighting how the added-value services you can offer alongside financial protection can provide immediate , real and practical value on an ongoing basis .
Not only are you helping provide your clients with more financial security , but you ’ re also offering them access to valuable and convenient health and support services that can help them avoid often lengthy NHS waiting times .
The value of second medical opinion services
Additionally , many protection policies , including Aegon ’ s , offer access to a second medical opinion service – offering powerful benefits , as the following case study demonstrates .
John was diagnosed with epilepsy after experiencing ongoing neurological symptoms . This massively impacted him and his family as his job was reliant on him being able to drive and the diagnosis would likely lead to him losing his driving licence . John felt quite low in mood , so contacted his second medical opinion service .
He was appointed a personal nurse adviser who discussed his diagnosis and helped him compile a list of questions to ask the consultant . They also helped him manage his anxiety .
John was seen by a local consultant who did a thorough examination , reviewed his MRI scans and asked a number of questions about his medical history . The consultant concluded that John didn ’ t have epilepsy , but that his symptoms were probably caused by a tremor or possible nerve damage sustained during a significant fall . John was advised that his symptoms would be exacerbated by stress , but that he could manage his condition without medication .
John found that having received his alternative diagnosis his stress levels were lower , and his symptoms subsided . He was referred to the NHS for an MRI to rule out spinal cord damage .
John was extremely relieved that not only did he not have to take medication , but he was also able to keep his driving licence , and his job was unaffected .
Policy Plus
At Aegon , all our protection customers and their immediate families have access to Policy Plus – our range of added-value support services – at no extra cost . This is available for them to access from the start of their policy – not just at claims stage . It offers :
• a 24 / 7 health and wellbeing service , providing confidential and compassionate counselling
• a second medical opinion service , offering a face-to-face consultation with a UK-based specialist to review a medical diagnosis
• a funeral payment pledge , providing an advanced claim payment of up to £ 10,000 to help bereaved families
• a key person replacement service offering support to Business Protection and / or Relevant Life clients .
What ’ s more , you as an adviser can also benefit from Aegon ’ s 24 / 7 health and wellbeing service .
Find out more , including case study videos to use Find out more , including case study videos to use
with your clients , at aegon . co . uk / policyplus with your clients , at aegon . co . uk / policyplus
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