Advisers have been urged to ensure they discuss income protection (IP) products that support women throughout various life stages – from getting married through to having children and divorce.
Naomi Greatorex, managing director at Heath Protection Solutions, (pictured) explained she has concentrated on improving access to financial advice for women over the past five years during Income Protection Awareness Week.
Her work has included joining the Income Protection Task Force’s steering committee and linking up with a group called Ladies Finance Club which helps women access financial advice.
Working with this group, Greatorex has regularly talked at their events and run a 30-minute question time helping women review what they have, or talking through their needs during wider audience question and answer sessions.
According to Greatorex, what women tend to find most worrying is their income stopping because they are self-employed, in part time work or have a varied income and did not realise they could access income protection cover.
“We know in the market that there are products that will give clients the ability to cover themselves for these reasons,” Greatorex explained.
“So, if you have a self-employed client, we know that you can cover them as long as they work up to 16 hours a week.
“We know that if you have a varied income there are policies out there that give minimum income guarantees and it’s important to be able to discuss all these points with our clients – particularly when you’re talking to women because they worry about the sustainability of their income protection product as their lives change and adjust.
“They have children, get married – possibly get divorced. It’s always important to have these conversations with women about the importance of income protection and them being able to protect their income and what products are out there.”