Start by asking if your client plays the lottery, says protection adviser Matthew Chapman
Each week, millions of us spend our hard-earned money on lottery tickets hoping to bag a million or two. The strange thing is, we're already worth a fortune. We just don't realise it.
Or more accurately, nobody makes us aware of the fact.
According to the Office for National Statistics (ONS), the average UK worker earns around £1.8m during their working life.
Inspired by another of my recent videos, this is an amazing way to explore the lifetime value of being able to work. Most people I speak to have no idea how valuable they truly are or how much their lifetime income is worth.
Tip five = Who wants to be a millionaire?
Start by asking your client if they play the lottery.
I'd hazard a guess that most of them do and probably fairly regularly. But even if they don't, ask them what it would mean for them to win a million or two.
At this point, you should signpost how much the client is likely to earn over the remainder of their working life. To do this, simply deduct their current age from their anticipated retirement age and then multiply their annual income by the number of years they have left to work.
The figure will astound them. Bear in mind, this doesn't take into account any salary increases, inflation or career progression.
Now the client understands how much they are worth whilst able to work, use this opportunity to explain to them how you could arrange a policy that will ringfence these earnings.
If they do buy lottery tickets regularly, perhaps point out that the policy could cost less than the cost of a lottery ticket each day.
I often say that not having income protection is liking playing a different kind of lottery. But one where you are gambling to LOSE your fortune rather than win one!
To really hammer the point home, compare the chances of winning the lottery versus the risk of needing two or more months off work for incapacity.
Current chances of winning the lottery are one in 45 million.
In my case, I have a 29% chance that I'll need two or more months off work.
Who wants to be a millionaire? You probably already are - you just didn't know it!
Matthew Chapman is business and practice protection expert at Protect Plus. Find him on LinkedIn.
Reliance on loans, credit cards
Access to insurance
Perspectives from L&G