It’s three years ago since my operation to remove a tumour having been diagnosed with breast cancer a few weeks previously.
Thankfully I had a brilliant surgeon, my treatment was successful, and I am now cancer free.
I also had protection insurance, meaning I didn’t have to worry about money on top of my health concerns.
My critical illness cover and income protection insurance helped me financially, and my private medical insurance ensured I had prompt healthcare, and is still supporting me with regular check-ups and annual mammograms, something I am particularly grateful for given the pressures on the NHS.
Recently, the managing director of Pure Protect, who is an approved Sesame Bankhall Group partner for protection referrals, made me aware of a claim.
He’d taken a call to say a client had been tragically killed in a road traffic accident, leaving behind a husband and children.
She had been referred to him by an adviser who is so busy with pensions he does not have time to advise on protection so refers his clients on to ensure they get cover in place.
Thanks to this pensions adviser doing the right thing by referring their client to Pure Protect, her family won’t have to worry about money on top of their grief.
Two clear examples that bad things do occur, however much we all hope it ‘won’t happen to me’, and why protection is so important to have.
We have both an opportunity and a responsibility to ensure clients are made aware of the risks and what protection solutions are available so that they can make an informed choice about their options, which should include personal protection as well as simply covering the mortgage with some life cover.
It doesn’t matter whether an advice firm chooses to write it or refer it, the most important thing is that they consider their clients’ protection needs and take steps to ensure they’re covered.
With the FCA’s Consumer Duty just around the corner, there will be an even greater emphasis on this responsibility, so for firms that currently don’t actively ensure clients speak to someone about protection, they will need to make a plan.
Upskilling in protection, recruiting a protection specialist to work inhouse or referring to a trusted protection partner are all options that will not only ensure clients are covered, but will enhance the overall customer experience securing future business, as well as providing an additional revenue stream.
Ensuring more consumers are protected is why Sesame Bankhall Group has launched its new Protection Pledge campaign, providing resources and options for adviser firms to help them develop their protection knowledge or link up with a referral partner.
Protection enables advisers to do good while doing well and most importantly, it means their clients can claim and receive that valuable support should tragedy unfortunately strike.