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Income protection is vital for proper financial planning according to Rose St Louis, protection director of Scottish Widows in an interview with Health & Protection.
In the first part of a discussion with Health & Protection editor Owain Thomas in association with Scottish Widows, St Louis (pictured) said: “I genuinely believe that income protection is the cornerstone of any good financial plan.
“I remember when I was starting out in the industry as a financial adviser and the first thing that I learned was the importance of income protection.
“Because if you lose your income, arguably your most valuable asset, you’re unable to pay your bills, your liabilities, look after your dependents and also fund that retirement – all that lifestyle that you want in the future.
“So its really, really important right from the get-go to protect that income.“
Needs of the client
Beyond the fundamental importance of income protection, St Louis also emphasised that another crucial factor is understanding the needs of the client, not just the products that are being offered.
St Louis noted that it was also really important that: “We, as an industry and advisers, lean into that conversation to understand how we match the benefit of income protection to the needs that customers may have.”