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Show your clients the value of cover

With the protection gap standing at more than 2 trillion I wish there was a magic wand I could wave to make it disappear.

But in the absence of an education at Hogwarts I am pleased to note that the industry has taken some steps to improve the perception of protection in the eyes of consumers.

For instance, last year saw the introduction of proportionate payment of claims as standard. This is a step in the right direction in addressing concerns over whether policies will pay out.

But the fact remains that we human beings don’t like to think about our own mortality. We dread not being able to work due to illness yet too often do nothing to protect ourselves.

This could be why pet insurance is such a big industry. Some of your clients may see the problems that could arise if, say, their dog needs an operation and they fear the thought of huge veterinary bills.

So some individuals protect themselves against such costs while remaining unaware of what might happen if they can’t pay their mortgages or their main family income ceases. Do they realise that their pets may be more protected than they are?

Could you help them to see they should be protecting themselves, and the consequences of not doing so?

By painting a picture for clients with a budget planner you can show them what they stand to lose.

Why not give them the peace of mind that pet insurance brings but through products such as income protection or critical illness cover?


Role model

The last time John Cupis was interviewed by Mortgage Strategy was in March 2008. At that time the liquidity crisis was beginning to emerge as a full-on credit crunch. Back then Cupis, who took on the role of head of mortgage and insurance at Sesame in the summer of 2007 just as the market turned sour, said the way things panned out in 2008 would define the market’s shape over the next five years. He could not have been more right.

High premiums may hold back MPPI take-up

General insurance network CETA is warning that mortgage payment protection insurance may become unaffordable as premiums rise in line with the number of claims.


Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.


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