Go the extra mile for protection cover

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ROGER EDWARDS, PROPOSITION DIRECTOR, BRIGHT GREY & SCOTTISH PROVIDENT

As retailers come up with innovative pricing deals to lure consumers in and keep business going, the protection market is also having to work harder to get business through the door.

Protection providers will always aim to be price competitive but it would be dangerous to rely on price promotion alone. The core focus should be on value for money. And good advice is imperative if customers are to get the cover that best suits their needs.

IFAs are in a great position to help consumers see this. They can create real value for their clients by recommending products that represent best overall value and advising on the most suitable provider or product features.

Competition has made it more difficult to choose between providers but there are certain qualities advisers could be looking out for.

For example, some plans go further than just providing money following a death or critical illness. They also offer features designed to complement the financial benefits of insurance with emotional and practical support.

At no extra cost to the plan owner, these services can include bereavement counselling, complementary therapies and access to medical, career, legal and personal helplines.

And for those who have had cause to use them know, they can sometimes offer more of a lifeline than the financial payout.

Everyone wants value for money these days so add-on services shouldn’t be forgotten when deciding which policy to take.