Zurich has launched a risk calculator which aims to help customers better understand the value of protection products.
The insurer said it also aims to make advisers’ conversations “more personal, relevant, and meaningful”.
It provides an overview of a customers’ risk of being unable to work due to illness or injury, facing a serious illness, and death.
The calculator allows advisers or their customers to tailor the deferred period to match the customer’s sick pay or savings – from four weeks up to 52 weeks.
It also includes useful information regarding the risk of children suffering serious conditions, emphasising the importance of considering this need.
The results are delivered on screen and in a personalised, downloadable report.
Louise Colley, director of retail protection at Zurich UK, said: “Advisers are always looking for smart ways to highlight the importance of protection products to their customers.
“That’s why we’ve developed the Zurich Risk Reality calculator – designed to make conversations more personal, relevant, and impactful.
“Our calculator enables advisers to tailor results for each customer, providing a clear picture of their individual risk of being unable to work due to illness or injury, serious illness, and death.
“Uniquely, by factoring in the required deferred period, our calculator delivers a truly personalised report that helps customers see the value of protection in their own lives.
“We also understand how much parents and guardians care about their children’s wellbeing. That’s why the Risk Reality calculator includes helpful information about the risk of children facing serious conditions which makes it easier to discuss the importance of children’s cover and to support families in making confident, informed choices.”
The Income Protection Task Force (IPTF) has added the calculator within the adviser tools section of its website.
Vicky Churcher, executive director of the IPTF, said: “We’re particularly encouraged by the inclusion of children’s cover risk data to support holistic family protection and a unique option to customise deferred periods so advisers can offer solutions that are more relevant to individual clients.”