Advisers need to properly explain income protection, according to Amy Wilson, head of insurance at The Right Mortgage & Protection Network.
Participating in a panel session at Health & Protection’s Protection Forum at the Ham Yard Hotel in London today, Wilson recounted an incident where the woman who came to paint her house was heavily pregnant.
“I was looking at the whole situation and was not sure how comfortable I feel about this,” Wilson (pictured) admitted.
“In the conversation I asked, why are you doing this very pregnant? I don’t know if painting is a great career for someone that’s very pregnant.
“And she said, well my husband’s got kidney disease and she said her mortgage adviser explained that she needed medical insurance. That’s all she said and then described income protection.”
According to Wilson, the woman decided she was 25 and didn’t need the cover.
“And five years later, this has all happened,” Wilson continued. “My husband can’t work. I’m due to give birth too. I have to work, climbing up walls, fumes, painting and everything else that comes up with it because she had no other choice.
“Because she knew there was a product out there.
“She didn’t think it was relevant to her. How far did that adviser take it? How much of a conversation did they have with her? Did she know about it already? Has she known anyone else that’s made a claim? ”
And due to the role she currently holds, Wilson reflected that she wonders what the situation actually was with that customer.
“I wondered who was the one that gave up because she clearly remembered enough about it to know that when it happened, she didn’t have it,” she continued.
“But she didn’t know what it was called. She wouldn’t have been able to Google it and find out the answer.”
