Don’t just insure the golden egg, insure the goose that lays them, writes Matthew Chapman
Inspired by one of my very first videos, this technique is a fascinating and eye-opening way to get your client to think about prioritisation differently.
The goal here is to help your client to prioritise their income by highlighting that their possessions, many of which are insured, were acquired using an income, which probably isn't.
Tip Three = Don't just insure the golden egg, insure the goose that lays them
I ask the client to try and visualise all their worldly possessions. I get them to think about every item in their home (or on their driveway) and to consider how each of their belongings were no doubt purchased using their income. Whether a cash purchase or through some form of credit - every single acquisition was facilitated exclusively thanks to their income.
I then go one step further by asking the client to consider how each item is also probably insured, one way or another; whether covered under their car or home insurance policy or via a specialist plan in the case of pets and mobile phones, for example.
Finally, I ask them how the premiums for those other insurance contracts are paid?
Yes, you guessed it - using the same unprotected income!
The aim here is to get the client to place far greater value on their income, as the source and means by which they acquired (and continue to acquire) all their most treasured possessions, than the belongings themselves.
I'm not suggesting for a second that people stop insuring their cars or homes, but I am suggesting they consider the importance of protecting the very thing that pays for them all. Their income.
In my eyes, that's like insuring the golden egg and ignoring the goose that lays them! How backwards is that?
Matthew Chapman is business & practice protection expert at Plus Protect. Find him on LinkedIn.
For smaller and medium firms
‘The People’s Protection’
‘Understand yourself, take the time to discover why you do what you do’
Enhanced flexibility and greater simplicity, Legal & General’s recently launched Rental Protection Plan