EDITION 1 | MAY 2021
23 ers , we have a duty of care and particularly after the year we have had , I would urge you to ensure all your clients are offered the option of a protection review in 2021 . Clients that have found the period hard , could be in a very bad position , however , if they are young and fit it may only cost them a few pounds to put a little cover in place . Those of your clients that are better off than they have been previously , may now have new requirements and a re-defined priority list and may now be actively looking for protection cover . If they think you don ’ t provide that level of support , do you really want to take the risk that they will go to someone that will offer than and all other services as well .
REASSESS OUR SITUATIONS
We have all had to reassess our situations , even if it ’ s just been a sense check to say , ‘ actually things are looking OK ’. Many will want something new and the world that we will inhabit once we come out of the pandemic is highly likely to look different to the one we left in March 2020 . Protection it has been said is the cornerstone of our industry and it ’ s a much over used statement . I believe that it ’ s the solid
foundation we should base all our advice upon whether that be wealth , pension , or mortgage advice . No matter how well we do securing products that support our client ’ s aspirations , if the unexpected happens , that throws all that into disarray .
I feel fortunate to have learned the importance of insurance at a young age . In fact , I took out my first policy with our local CIS agent when I was just 18 . Whilst I don ’ t want anyone to sit working out my age , if we go back 27 years , at that time it was really important to have protection insurance if you rented your home and the CIS agent in our community was really important resource . My grandparents had worked hard all their lives and were comfortable renting their beautiful little house and a regular face was that of Colin Grubb , our CIS representative who kind of became a member of our extended family . My grandmother would bake on a Friday and Colin would come to No 10 last on his weekly rounds and have a cup of tea and a scone . It was Colin who was responsible for getting me into financial services helping me secure my first full time job with the CIS when I finished college and I never looked back .
Sadly , our industry has lost many people like Colin Grubb and the community positions they occupied , and it is no surprise that due to this change , protection in the rental market has all but disappeared , unless you are affluent , or you have an adviser who champions the topic . Rental market protection seems to have fallen by the wayside with little to no focus . However , the principles I was brought up with I have managed to instil in my own children , with my son who is renting his own home now , where I have ensured he has protection policies in place to keep him safe and secure .
How many existing clients do you have with grown up children in rented accommodation . Have you asked whether they would like to put protection in place for them ? How many potential customers in rented accommodation would welcome some help to put protection in place for their families and homes ? These people are highly likely to be your clients of tomorrow , so why not start speaking with them now and build a strong relationship – before anyone else snaps up that opportunity ?
My hope when we start to build back our lives post-pandemic , is that advisers will start to put protection at the front of their day-to-day business and focus on their clients ’ safety , driving new referrals for mortgages , investments and pensions . If your clients ’ incomes aren ’ t protected , then the future isn ’ t great for you as the adviser . If your clients can ’ t pay for necessities , then they won ’ t be able to continue paying for the plans you have put in place .
REVISIT
I would suggest we need to revisit what we have been taught over the years . Let ’ s try to help as many people as we can , if we talk to them and we are fair and honest , we will be able to protect a lot of families , as well as ensuring our clients of tomorrow are already neatly protected and understand how important it is that they have regular reviews .
For further support regarding protection , contact our Protection helpdesk on 01484 439121 or email protection @ simplybiz . co . uk