Last year LV= ran a nationwide competition inviting advisers to share their tips and ideas for illustrating to clients the potential importance of protection insurance. Here, we share the best of them. Today: The Plug.
Name: The Plug
Creator: Jane Finn, Finn Associates
What is it? Jane sketches a simple square on a piece of paper with a circle inside and uses it to illustrate how quickly clients' income can run out - potentially leading to cuts in pension savings and mortgage repayments. She then offers a ‘plug' in the form of protection and says she finds few clients turn down this option.
How it works
• Draw a square and divide it into four with a circle in the middle.
• Write 'income' in the top left box, 'pension' in the top right, 'savings' in the bottom left box and 'mortgage' in the bottom right.
• Suggest client has not been able to work for three, six, 12 months (whichever is appropriate).
• Follow with: "After (three) months you would lose your income (cross this box out)."
• Then: "You would then have to stop paying your pension (cross the pension box out)."
• Then: "You could use your savings to pay your mortgage, until it runs out (cross out the savings box)."
• Add: "Which would mean you would stop paying your mortgage and may lose your house (cross out the final box)."
• Now draw a squiggle in the circle in the middle of the page. "Effectively your life has disappeared down the plughole."
• Say you can plug that hole - draw a plug - adding ‘It will only cost £x - do you want one?'
Jane says: "The Plug works because of its simplicity, effectiveness and humour. I strongly believe in the power of conversation and the importance of understanding what makes my clients tick.
"I have found 'The Plug' highlights if something does happen, how it might affect their provisions, what is important to them and how all their dreams could drain away. When I explain I can provide a 'plug', they are really ready to listen."
Tomorrow: Play PIGY
