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Advise clients to be realistic about cover

For most people, apart from those lucky enough to win the lottery, it is the income they earn that pays for everything in their daily lives.

Mortgages, bills, holidays, entertainment, clothes, food, savings and pensions are all funded by their salary.

So what would happen if that income stopped? While job security is a worry for many, especially in today’s economic climate, have they thought about how they would cope if they became seriously ill and were no longer earning a salary.

Would they turn to friends and family or expect the state to help out?

Perhaps they’ll dig deep into their savings. But are these really viable options? When there’s a family to feed, the mortgage to pay and possibly school fees to find, individuals need to be realistic about how they would cope should the worst happen.

Unfortunately, consumers are unlikely to wake up one morning and think that’s the day they must sort out their protection needs. If only it was that easy.

But there is still a lack of understanding among consumers about the existence of protection insurance and the options available, not to mention the cost issue. And this is where advice is critical.

This year offers an opportunity to maximise protection sales, especially to female clients, before rates increase.

If you have clients who have not considered how they would cope without a financial safety net in place, now is the perfect time to investigate their options.

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