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Tips to effectively recommend ip to younger clients

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Tips to effectively recommend ip to younger clients

Latest figures show the average age of a first time buyer is now 32 . If you’re young, fit and healthy, protection isn’t always seen as a priority. But there are a number of compelling reasons why advisers should be having conversations with younger clients about protecting their income:

IP is generally cheaper when you’re younger, making premiums more affordable.

Confidence in spending has fallen to its lowest level since the 2008 financial crash , with consumers looking to make cut backs on where they’re spending their money – ‘scary’ premiums for more expensive policies are more likely to be cancelled over a lower monthly amount.

Younger lives generally need less underwriting, so will go on risk faster – increasing the likelihood of clients completing their IP application.

Older clients are more likely to have pre-existing health conditions, which can result in exclusions and potentially being uninsurable.

In 2021, the average age of someone claiming under an IP policy with The Exeter was just 37 – proving younger clients do need provisions.

TECH-BASED POLICY PERKS FOR YOUNGER CLIENTS

Millennials (born 1979 – 1995) and Gen Z (born 1996 onwards) have grown up with technology, making tech-based, value added benefits an attractive option. Aviva’s DigiCare+ connects clients with clinicians, nutritionists, therapists and more — all through their phone. And The Vitality Programme offers clients discounts on wearable technology and money off treats redeemable via apps. Positioning the perks, alongside the need for cover, can make for a more effective protection conversation with younger clients.

TOP TIP

Compare IP products and their accompanying value added benefits with SmartCompare – a quick and convenient comparison tool powered by LifeQuote. SmartCompare covers IP product and insurer information, tying the product benefit to premiums, helping you offer more holistic advice. Simple and intuitive to use, displaying results in a way that’s easy to understand.

LET LIFEQUOTE REMOVE THE HASSLE AND RISK OF WRITING PROTECTION

We help advisers grow their business by reducing the time and risk of selling protection: fast-forwarding every stage of the advice journey.

LIFEQUOTE PLATFORM

Our platform offers advisers everything they need from quote to research, including post-submission case management and MI reporting.

LIFEQUOTE ADMINISTRATION

We make administering protection as easy as possible, managing the full application: from submission to the insurer, chasing GPs and dealing with underwriters. LifeQuo

Latest figures show the average age of a first time buyer is now 32 . If you’re young, fit and healthy, protection isn’t always seen as a priority. But there are a number of compelling reasons why advisers should be having conversations with younger clients about protecting their income:

IP is generally cheaper when you’re younger, making premiums more affordable.

Confidence in spending has fallen to its lowest level since the 2008 financial crash , with consumers looking to make cut backs on where they’re spending their money – ‘scary’ premiums for more expensive policies are more likely to be cancelled over a lower monthly amount.

Younger lives generally need less underwriting, so will go on risk faster – increasing the likelihood of clients completing their IP application.

Older clients are more likely to have pre-existing health conditions, which can result in exclusions and potentially being uninsurable.

In 2021, the average age of someone claiming under an IP policy with The Exeter was just 37 – proving younger clients do need provisions.

TECH-BASED POLICY PERKS FOR YOUNGER CLIENTS

Millennials (born 1979 – 1995) and Gen Z (born 1996 onwards) have grown up with technology, making tech-based, value added benefits an attractive option. Aviva’s DigiCare+ connects clients with clinicians, nutritionists, therapists and more — all through their phone. And The Vitality Programme offers clients discounts on wearable technology and money off treats redeemable via apps. Positioning the perks, alongside the need for cover, can make for a more effective protection conversation with younger clients.

TOP TIP

Compare IP products and their accompanying value added benefits with SmartCompare – a quick and convenient comparison tool powered by LifeQuote. SmartCompare covers IP product and insurer information, tying the product benefit to premiums, helping you offer more holistic advice. Simple and intuitive to use, displaying results in a way that’s easy to understand.

LET LIFEQUOTE REMOVE THE HASSLE AND RISK OF WRITING PROTECTION

We help advisers grow their business by reducing the time and risk of selling protection: fast-forwarding every stage of the advice journey.

LIFEQUOTE PLATFORM

Our platform offers advisers everything they need from quote to research, including post-submission case management and MI reporting.

LIFEQUOTE ADMINISTRATION

We make administering protection as easy as possible, managing the full application: from submission to the insurer, chasing GPs and dealing with underwriters. LifeQuote Administration saves an adviser three hours per case*, freeing advisers to meet and advise more clients. Advisers that use LifeQuote Administration write 20% more protection cases every month, helping them maximise the protection revenue potential.

TOP TIP

Tech-savvy younger clients are more likely to prefer a quick and convenient application journey. LifeQuote offer a number of ways for clients to apply for protection, including emailing them their application form, so that they can complete it at their own convenience.

NO OBLIGATION CONSULTATION

LifeQuote has been providing protection solutions for over 30 years, so we’re confident we can help advisers maximise the protection opportunity. Contact our team for a no obligation consultation, where we’ll walk you through some basic figures to show you how much time you can save and extra money you can earn when using LifeQuote to boost your protection sales.

CONTACT LIFEQUOTE

Gavin Judd, Business Development Manager, 01243 791030, gavin.judd@lifequote.co.uk
Alice Smith, Account Manager, 01243 791199 option 3, alice.smith@lifequote.co.uk

* advisers save, on average, three hours when using LifeQuote to administer their protection cases.

Latest figures show the average age of a first time buyer is now 32 . If you’re young, fit and healthy, protection isn’t always seen as a priority. But there are a number of compelling reasons why advisers should be having conversations with younger clients about protecting their income:

IP is generally cheaper when you’re younger, making premiums more affordable.

Confidence in spending has fallen to its lowest level since the 2008 financial crash , with consumers looking to make cut backs on where they’re spending their money – ‘scary’ premiums for more expensive policies are more likely to be cancelled over a lower monthly amount.

Younger lives generally need less underwriting, so will go on risk faster – increasing the likelihood of clients completing their IP application.

Older clients are more likely to have pre-existing health conditions, which can result in exclusions and potentially being uninsurable.

In 2021, the average age of someone claiming under an IP policy with The Exeter was just 37 – proving younger clients do need provisions.

TECH-BASED POLICY PERKS FOR YOUNGER CLIENTS

Millennials (born 1979 – 1995) and Gen Z (born 1996 onwards) have grown up with technology, making tech-based, value added benefits an attractive option. Aviva’s DigiCare+ connects clients with clinicians, nutritionists, therapists and more — all through their phone. And The Vitality Programme offers clients discounts on wearable technology and money off treats redeemable via apps. Positioning the perks, alongside the need for cover, can make for a more effective protection conversation with younger clients.

TOP TIP

Compare IP products and their accompanying value added benefits with SmartCompare – a quick and convenient comparison tool powered by LifeQuote. SmartCompare covers IP product and insurer information, tying the product benefit to premiums, helping you offer more holistic advice. Simple and intuitive to use, displaying results in a way that’s easy to understand.

LET LIFEQUOTE REMOVE THE HASSLE AND RISK OF WRITING PROTECTION

We help advisers grow their business by reducing the time and risk of selling protection: fast-forwarding every stage of the advice journey.

LIFEQUOTE PLATFORM

Our platform offers advisers everything they need from quote to research, including post-submission case management and MI reporting.

LIFEQUOTE ADMINISTRATION

We make administering protection as easy as possible, managing the full application: from submission to the insurer, chasing GPs and dealing with underwriters. LifeQuote Administration saves an adviser three hours per case*, freeing advisers to meet and advise more clients. Advisers that use LifeQuote Administration write 20% more protection cases every month, helping them maximise the protection revenue potential.

TOP TIP

Tech-savvy younger clients are more likely to prefer a quick and convenient application journey. LifeQuote offer a number of ways for clients to apply for protection, including emailing them their application form, so that they can complete it at their own convenience.

NO OBLIGATION CONSULTATION

LifeQuote has been providing protection solutions for over 30 years, so we’re confident we can help advisers maximise the protection opportunity. Contact our team for a no obligation consultation, where we’ll walk you through some basic figures to show you how much time you can save and extra money you can earn when using LifeQuote to boost your protection sales.

CONTACT LIFEQUOTE

Gavin Judd, Business Development Manager, 01243 791030, gavin.judd@lifequote.co.uk
Alice Smith, Account Manager, 01243 791199 option 3, alice.smith@lifequote.co.uk

* advisers save, on average, three hours when using LifeQuote to administer their protection cases.

https://www.theguardian.com/money/2022/jan/22/average-uk-first-time-buyer-is-now-older-than-30-says-halifax
https://www.independent.co.uk/news/business/recession-cost-living-sunak-b2063551.html
https://www.the-exeter.com/media/2ujfpmyl/income-protection-claims-statistics-250322_2395-4.pdf

https://www.theguardian.com/money/2022/jan/22/average-uk-first-time-buyer-is-now-older-than-30-says-halifax
https://www.independent.co.uk/news/business/recession-cost-living-sunak-b2063551.html
https://www.the-exeter.com/media/2ujfpmyl/income-protection-claims-statistics-250322_2395-4.pdf

te Administration saves an adviser three hours per case*, freeing advisers to meet and advise more clients. Advisers that use LifeQuote Administration write 20% more protection cases every month, helping them maximise the protection revenue potential.

TOP TIP

Tech-savvy younger clients are more likely to prefer a quick and convenient application journey. LifeQuote offer a number of ways for clients to apply for protection, including emailing them their application form, so that they can complete it at their own convenience.

NO OBLIGATION CONSULTATION

LifeQuote has been providing protection solutions for over 30 years, so we’re confident we can help advisers maximise the protection opportunity. Contact our team for a no obligation consultation, where we’ll walk you through some basic figures to show you how much time you can save and extra money you can earn when using LifeQuote to boost your protection sales.

CONTACT LIFEQUOTE

Gavin Judd, Business Development Manager, 01243 791030, gavin.judd@lifequote.co.uk
Alice Smith, Account Manager, 01243 791199 option 3, alice.smith@lifequote.co.uk

* advisers save, on average, three hours when using LifeQuote to administer their protection cases.

https://www.theguardian.com/money/2022/jan/22/average-uk-first-time-buyer-is-now-older-than-30-says-halifax
https://www.independent.co.uk/news/business/recession-cost-living-sunak-b2063551.html
https://www.the-exeter.com/media/2ujfpmyl/income-protection-claims-statistics-250322_2395-4.pdf