Top tips on selling income protection

Most adults in the UK in work would benefit from income protection; however it's one of the least popular types of protection insurance.    With so many people lacking cover, the potential for you to grow your income protection business is huge however convincing someone they need it isn't always easy. 

Typically, life insurance is always the first thing bought by a client taking out a mortgage, often followed by critical illness cover and only then, if budget permits, they may consider income protection.  Many people view income protection as something that is not of real value and don't really understand how it can help them when things go wrong. 

We've put together a few tips to help you successfully sell your products.

Know your product

If you aren't clear about what your income protection insurance offers, then how can you expect your customers to understand how important this type of cover is?

Make sure you know the key features of the product and the providers available.  Look out for key features which can help to distinguish one policy from another. 

Things to look out for include:

- Flexibility
- Cover limitations for smokers and pre-existing health conditions
- Claim statistics
- Specific features that may appeal to your target audience
- Additional benefits

Give examples to demonstrate its true value

There are a number of ways that income protection can provide a vital financial safety net for your clients. For example:

If the main breadwinner of the household was diagnosed with a serious illness, most people would have to cut their day to day living costs drastically in order to cope.  Income protection can provide them with a replacement income that would mean their financial situation wouldn't be compromised too much.

Also many people think that their employer would continue to pay their full salary if they were off with long-term sickness or a serious injury.   However many employees will only receive statutory sick pay - currently £92.05 per week and this is only paid for up to 28 weeks. 

Prove that claims are actually made and paid

Clients will not want to take out an insurance policy if they don't have any confidence that it will pay out should they find themselves out of work.  The public often perceive insurance providers as trying to decline claims through a variety of loopholes, however many now publish their statistics of successful claims so this can be used as a great selling tool for your clients who are likely to be reassured by the figures. 

Ultimately your clients are unlikely to purchase a product if they don't fully understand the benefits that it provides, so a combination of the above information can help to increase consumer confidence.

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