Legal & General Let’s talk Income Protection
Learning objectives Understanding the Highlight how utilising Review the key benefits of language of protection, L&G’s income protection key tools, calculators what this this means to and statistics can help policy to bring to life how clients and how to you create the need for these plans enhance your position a holistic income protection clients life conversation Intermediary Designed 2
3 Mind your language Intermediary Designed Source : cover magazine 15 th March 2019
Holistic protection advice Is it a product led conversation? IP Low cost IP Family Income Benefit Do you stop here? Critical illness cover Life Intermediary Designed
Holistic protection advice Is it a product led conversation? Life Critical illness cover Family income benefit Low cost IP IP Change your process? Start with Income protection? Intermediary Designed
Income protection Protects your Pays a regular greatest asset income When sickness or injury Your ability to earn stops you working an income Intermediary Designed
Income pays for 2400 1500 300 Must pay bills – Mortgage payments Basic quality of living over 25 years utilities, food, credit costs, TV license, cards, insurance loans, childcare, savings etc. travel, etc. Intermediary Designed
Family spending in the UK 37% £572.60 £141.40 Primary breadwinners Food and transport is Weekly cost of with any Protection… the biggest spend.. running an average family home Intermediary Designed Source Offfice national statistics
How many people have their income protected? 2 1 1 in 10 Less than 5% 1 in 10 3 4 Over 33% Around a quarter Intermediary Designed Source: Swiss Re Term and Health Watch 2018 Source: Mintel Report 2017
Would you gamble Take a Punt bookmaker Todays odds Lottery jackpot win * 45M / 1 3 / 1 Off work long term sick** 4 / 1 Survive a Critical illness** Happy to take a risk on the Die before retirement date** 6 / 1 lottery with little chance of a payout Odds On Death UK average spend £2.90 a week on gambling **** Intermediary Designed Source Lilkley hood of event before retirement **LV risk calculator and , National Lottery UK Lotto* & OFNS
Income protection claims most likely Critical illness Income protection 1. Cancer 63.8% 1. Musculoskeletal 35.6% 2. Heart Attack 10.1% 2. Mental Health 21.5% 3. Stroke 6.4% 3. Cancer 14.1% 4. Multiple Sclerosis 5.1% 4. Neurological 6.7% 5. Total & permanent 3.6% 5. Gastro-intestinal 5.9% Disability Intermediary Designed
Income protection I I don’t need to protect my income N Not going to happen to me What reasons do customers give for NOT protecting their income? C Can I take it away to consider O Off work – never going to happen M My savings will support me E Employer will look after me Intermediary Designed
Income Protection: Sales Tools L&G Online Tools to help IP Conversations: • Budget Planner • Deadline to Breadline Calculator • Benefit and Stepped Benefit Calculator • Employee Benefits Checklist • Occupation Classes Guide External Sites of use: The Money Charity Income Protection Task Force PERCY – The Income Protection Calculator Intermediary Designed
Nurse support services Serious illness, disability Carer support or bereavement support Second Medical Help at Home Opinion Mental health Eldercare support Intermediary Designed
Legal and General rehabilitation support Full rehabilitation assessments Early intervention from day one Free for all new and Appropriate treatment advice existing customers Immediate access to Treatments costs included* healthcare professionals Ongoing reviews Intermediary Designed * Terms and conditions apply
Inc Income ome pr prote otection ction Feature Overview Cover Amount The maximum monthly benefit is £20,000 per month (60% of £60k, 50% £60k+) Product Types Low Cost (2 year) Product or Full Term Product Clients can choose between 4, 13, 26 or 52 weeks deferred period . Benefit payments Deferred Periods are made a month after this (double step benefits on Full Product only) NHS: Doctors, Nurses and We can now match the varying sick pay structure for a client who is an NHS Surgeon, Surgeons Doctor or Nurse. 26/52 week double stepped benefit. Income Guarantee for NHS New limit of £3,000 for these specific NHS workers. All other occupations have £1,500 Doctors, Nurses and built in automatically Surgeons Nurse Support Services NSS is now available on all new Income Protection plans Rehabilitation Support Early intervention to support customers on the road to recovery from day one
Inc Income ome pr prote otection ction New Proposition updates being released 17 th Feb…
Ren ental tal pr prote otectio ction p n plan lan The bespoke proposition will aim to deliver a simple long term product that helps financially support tenants so they can maintain their home and lifestyle in the event of being unable to work through sickness, ill health or death, depending on the plan chosen. INCOME PROTECTION LIFE COVER LIFE & CRITICAL ILLNESS BENEFIT Each plan will provide flexibility by: • Allowing an increase in rental costs as a reason for increasing their level of cover/benefit. Eligibility criteria applies. Intermediary Designed
2018 Claims No claims notification period Intermediary Designed
Adviser Support Adviser Guides Updated Adviser Centre Animation Videos Products webinars. Register at: www.legalandgeneral.com/adviser Intermediary Designed
Legal & General Let’s talk Income Protection
Recommend
More recommend
