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Protection? The old ones are best

Steve Payne

As a new generation of house buyers filters through, many advisers feel they need to revise their sales techniques to keep up with their clients’ differing tastes.

Now, more than ever, it is vital that we educate young homeowners about the need for protection insurance. But perhaps we are better sticking to the basics to communicate this.

Much like jokes, when it comes to sales techniques, the old ones can be the best. The traditional sales analogy asks: if there was a machine in your client’s living room that pumped out £20 notes every week, would they insure it? They insure their homes, they insure their mobile phones, so naturally they would insure something that churned out money in this way. That machine is representative of your clients. If they can visualise their income in this way, they may well find that they are more inclined to protect it.

Ultimately, life insurance, income protection and critical-illness protection can all be quite scary sounding things. They needn’t be. If the younger generation of house buyers can grasp how important protection insurance is, without being frightened off by talk of serious illness, they are more likely to take the necessary steps to protect what is important.

Adapting to clients’ differing needs is important in protection sales, but the message has remained the same over the years – it is important to adequately protect yourself and your loved ones should you be unable to work through illness and taking out protection insurance can help you to do this. How you communicate that to your clients is entirely up to you, but, in my view, the old ones can still be the best.

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