MANAGING OBJECTIONS TO PROTECTION 23 January 2019
LEARNING OBJECTIVES At the end of this session you will…. • Understand how to use Royal London Marketing Studio to help you manage common client objections • Have an understanding of the enhancements we have made to our Critical Illness Proposition
IDENTIFYING OBJECTIONS? Sta Stall lls Statements to halt proceedings? Lack of understanding? Issue with your Sales Process? So Solution lutions Reasons ‘I don’t need it’ ‘I would take protection but I already have a solution…’
IDENTIFYING OBJECTIONS? • ‘I can’t afford it’ • ‘I don’t think I need it’ • ‘I would apply for State Benefits’ • ‘Let me think about it’?
IDENTIFYING OBJECTIONS? • ‘I can’t afford it’ • ‘I don’t think I need it’ • ‘I would apply for State Benefits’ • ‘Let me think about it’?
ROYAL LONDON ADVISER TOOLS CALCULATORS – I CAN’T AFFORD IT Af Affor orda dability bility Calcula Calculator tor Lif Lifestyle estyle Calcula Calculator tor Source: adviser.royallondon.com/protection/
3 2 1 5 £278.42 7
3 1 2 1 3 5 £222.08 8
IDENTIFYING OBJECTIONS? • ‘I can’t afford it’ • ‘I don’t think I need it’ • ‘I would apply for State Benefits’ • ‘Let me think about it’?
MARKETING STUDIO RISK REPORTS – I DON’T THINK I NEED IT? Risk Risk Repor eport CI CI Repor eport IP IP Repor eport Source: studio.royallondon.com
MARKETING STUDIO RISK REPORTS – I DON’T THINK I NEED IT? Risks faced by a male and female of working age: • both aged 30 • Non-smokers Planned retirement • age of 65 Source: studio.royallondon.com (Risk example produced Oct 2018)
IDENTIFYING OBJECTIONS? • ‘I can’t afford it’ • ‘I don’t think I need it’ • ‘I would apply for State Benefits’ • ‘Let me think about it’?
SUPPORT FOR THE BEREAVED PRIOR TO 6 TH APRIL 2017 How would this affect you if you have children? Benefit Amount Paid Bereavement Payment £2,000 (one off payment) (£117.10 x 52) x 19 years, Widowed Parents Allowance plus (payable up to the youngest child reaching 20 years (£117.10 x 4 weeks) old if in full-time education) = £116,163.20 Total Up to £118,163.20 Note - Each of these benefits had different eligibility requirements including the age of the person claiming and the National Insurance record of the person who died. In the example, we’ve assumed the youngest child is 11 months old at the time of their parent’s death. Source: Benefits & credits, gov.uk Aug 2018
SUPPORT FOR THE BEREAVED FROM 6 TH APRIL 2017 How would this affect you if you have children? Benefit Amount Paid One off Payment £3,500 £350 x 18 months = Monthly Payment up to 18 months £6,300 Total £9,800 Source: Benefits & credits, gov.uk Aug 2018
WINNER OR LOSER? FROM 6 TH APRIL 2017 • If already claiming under the existing scheme – no change For par or parents: ents: • Maximum payment under old system*: £123,315.60 (£2,000 + £117.10 a week for up to 19 years, 11 months) • Maximum payment under new system: £9,800 (£3,500 + £350 a month for 18 months) *Assuming the child is only one month when the parent dies Source: Benefits & credits, gov.uk Aug 2018
HELP FROM US USE OUR SALES AID
IDENTIFYING OBJECTIONS • ‘I can’t afford it’ • ‘I don’t think I need it’ • ‘I would apply for State Benefits’ • ‘Let me think about it’?
LET ME THINK ABOUT IT? FREE COVER How do my clients get free cover? • You complete an application form for Personal Menu, Business Menu, Relevant Life Plan (clients under age 60) • You’ve completed a direct debit What am I covered for? • Life Cover (up to £1m) • Critical Illness cover (up to £500k) • Income Protection (up to £25k p.a.) • Total Permanent Disability (work tasks) • Free Fracture Cover • Hospitalisation Cover
ENHANCED CRITICAL ILLNESS COVER
CHILDREN’S CRITICAL ILLNESS COVER THE NEED FOR COVER No one likes to think of a child becoming critically ill, but it does happen 100 100,000 ,000 children and young people are estimated to be living with serious health needs in the UK 1 Children’s critical illness was the fourth main reason for a claim on our Critical Illness Cover in 2017 2 And the average age of a child at claim was just eight years 2 Sources: 1. Impact Report: Building on a Decade of Care, wellchild.org.uk, 2017. 2. Royal London UK protection business claims paid (1 January to 31 December 2017).
MADE TO MEASURE HOW WE CAN HELP We now have three Children’s Critical Illness Cover options to meet your clients’ needs and budgets. Enhanced Children’s Critical Illness Cover Our most comprehensive cover, tailored for families to provide cover from pregnancy to young adulthood. Standard Children’s Critical Illness Cover Covers children for our 45 main critical illness conditions. No Children’s Critical Illness Cover If clients don’t have children we don’t think they should pay for extra cover they're not going to claim on.
MADE TO MEASURE ENHANCED CHILDREN’S CRITICAL ILLNESS COVER 12 child-specific 45 main critical illness Cover for terminal conditions conditions illness 14 additional Pay out on the death Extra additional conditions of a child condition: pregnancy complications
MADE TO MEASURE ENHANCED CHILDREN’S CRITICAL ILLNESS COVER 12 child-specific 45 main critical illness Cover for terminal conditions conditions illness 50% of adult cover up to £50,000 14 additional Pay out on the death Extra additional conditions of a child condition: pregnancy complications
ENHANCED CHILDREN’S CRITICAL ILLNESS COVER 12 CHILD-SPECIFIC CONDITIONS We’re committed to offering your clients cover where it matters. That's why we've focused on conditions that are most common among babies and young children ✓ Down’s syndrome 12 child-specific conditions ✓ Edwards syndrome ✓ Hydrocephalus - treated with ✓ Cerebral palsy the insertion of a shunt ✓ Child diabetes mellitus type 1 - requiring ✓ Muscular dystrophy permanent insulin injections ✓ Osteogenesis imperfecta ✓ Child intensive care benefit - requiring mechanical ventilation for seven days ✓ Patau syndrome ✓ Craniosynotosis - requiring surgery ✓ Spina bifida ✓ Cystic fibrosis
MADE TO MEASURE ENHANCED CHILDREN’S CRITICAL ILLNESS COVER 12 child-specific 45 main critical illness Cover for terminal conditions illness conditions 50% of adult cover up to £50,000 14 additional Pay out on the death Extra additional conditions of a child condition: pregnancy complications
MADE TO MEASURE ENHANCED CHILDREN’S CRITICAL ILLNESS COVER 12 child-specific 45 main critical illness Cover for terminal conditions conditions illness 50% of adult cover up to £50,000 14 additional Pay out on the death Extra additional conditions of a child condition: pregnancy complications
MADE TO MEASURE ENHANCED CHILDREN’S CRITICAL ILLNESS COVER 12 child-specific 45 main critical illness Cover for terminal conditions conditions illness 14 additional Extra additional Pay out on the death conditions condition: of a child pregnancy complications 25% of adult cover up to £25,000
MADE TO MEASURE ENHANCED CHILDREN’S CRITICAL ILLNESS COVER 12 child-specific 45 main critical illness Cover for terminal conditions conditions illness 14 additional Extra additional Pay out on the death conditions condition: of a child pregnancy complications £5,000 for each affected pregnancy
ENHANCED CHILDREN’S CRITICAL ILLNESS COVER NINE PREGNANCY COMPLICATIONS Our new additional condition gives parents-to-be reassurance that they’ll have some financial support if they experience difficulties during pregnancy Ect Ectopic pr ic pregnancy y wit ith Dissemina Diss minated In Intravasc vascular lar Ec Eclamp lampsi sia (e (exclud luding ing sur surgery y to remo move a a Coagula Co lation ion (DI (DIC) C) pre-eclamp lampsi sia) fall llopian ian tube Foetal l death i in ut utero aft fter at Neo-natal l death – at lea least st 20 Hyda datidif difor orm m mol mole least lea st 20 w weeks s gest station ion weeks s gest station ion Plac acen ental al abr brup uption on New born int intensi sive care (exclud (e luding ing plac lacenta praevi via) St Stil ill l bir irth aft fter a at lea least st 24 weeks 24 s gest station ion
MADE TO MEASURE ENHANCED CHILDREN’S CRITICAL ILLNESS COVER 12 child-specific 45 main critical illness Cover for terminal conditions conditions illness 14 additional Pay out on the death Extra additional conditions of a child condition: pregnancy complications £5,000 on the death of a child
MADE TO MEASURE FUL FULLY Y FLE FLEXIBLE XIBLE PR PROTE TECTIO CTION When it comes to children’s cover, there's no one-size-fits-all. Families all have different needs – which change over the years. • Clients can change their Children’s Critical Illness Cover option at any time during the term of their plan • They can upgrade their cover with no underwriting
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