The Association of Mortgage Intermediaries (AMI), Protection Distributors Group (PDG) and Income Protection Taskforce (IPTF) have launched a new version of their adviser guide to saving protection policy sales, acknowledging the difficult cost of living environment many people face.
The guide to help advisers was first launched two years ago during the Covid-19 pandemic as many people struggled financially. The updated guide can be downloaded here.
The bodies have also launched a new consumer facing guide which highlights in consumer friendly language the importance of reviewing cover and the types of support and guidance that may be available. This guide can be downloaded here.
Stacy Reeve, senior policy adviser at AMI said: “With many UK households facing a cost of living crisis, it was important to refresh the guide with updated hints and tips to help advisers have proactive conversations with their clients.
“The new consumer facing guide can be used by advisers to engage with their clients and prompt discussion about their cover. Crucially it encourages clients to speak to their adviser or insurer as soon as possible if they are struggling financially and need support.”
Jo Miller, co-chair of the IPTF, said: “In the 7Families campaign the Clarke family had previously made the decision to review their monthly outgoings and lapse their income protection cover.
“Sadly this decision had devastating implications for them when Tracey’s eyesight deteriorated and she was no longer able to work. We hope these guides will help advisers remind their clients of the life changing support protection can offer at the worst of times.”
Neil McCarthy, chairman of the PDG, added: “This is a great summary reminding advisers of the options available to clients considering cancelling protection policies with a new short consumer facing guide that can be used with clients.
“Hopefully mortgage and protection advisers can use them to help reinforce the broad range of benefits that modern protection policies can add to a family.”