Protection for protection’s sake

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After what seems like an age of dwindling house prices and a property slowdown, the housing market is improving.

This is great news for advisers and should bring with it more opportunities to sit down with clients and discuss their protection needs.

During the downturn protection insurance certainly wasn’t off the radar as many advisers switched to the personal protection needs of clients.

And now, as mortgage sales start to increase, advisers will hopefully maintain that momentum and make sure their clients’ lifestyle is protected as well as their home.

Buying a home has traditionally been the point at which consumers consider taking out protection products and for most people having enough life cover to pay off the mortgage is the main focus.

But clients need to be reminded of their own value and what would happen if they had to stop working due to ill health. This means looking at the need to provide a replacement income which would enable a family to survive financially.

In our massively underinsured society protection needs to be promoted beyond the mortgage.

Taking out an income protection product and some critical illness cover means that clients will be protecting themselves as well as their home.

If we want more clients to understand the true value of protection insurance and benefit from having the right cover in place, then considering protection in its own right seems the best way forward.