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Income protection (IP) is essential for young adults to ensure they can fulfil their potential and meet their life goals, according to the Health & Protection panel in association with Scottish Widows.
In the first of a series of discussions, the panel highlighted how important IP was for young adults, what the industry can do to make the product more accessible and how advisers can begin connecting with younger adults.
Matt Chapman, the protection coach, explained why IP has such a critical role to play for younger adults in securing their future.
“It’s more than important, I’d say it’s essential,” Chapman (pictured centre) said.
“Mainly because young people are starting out on their financial journey in life, they’ve got so much ahead of them potentially – so much can go well, so much can go wrong.”
Chapman highlighted that whatever the goal was, whether it be buying a home, renting, buying a car, or putting money into a pension to retire at a certain age, all of these were incumbent on the idea the income carries on perpetually.
“It’s not about having an insurance product that pays out if you get ill or injured, it’s about having something that you know is in your locker to guarantee the income sources you need to ensure you can achieve your life goals and objectives,” he added.
Julie Thompson, propositions manager at Scottish Widows (pictured left), emphasised that it was important for providers to ensure they are designing products that are simple to understand, easy for advisers to sell, and suitable for younger people with different lifestyles.
Meanwhile, Isabella Streames, financial adviser at Velvet Mortgage and Insurer Services (pictured right), highlighted the importance of bringing more young people to work in the industry to lean from them.
And she added that communicating added value services appropriately and clearly at the right time was vital to support customers and keep policies on risk.
The Health & Protection IP Panel discussions in association with Scottish Widows can be found here.