LV= is launching a ‘risk reality' tool for advisers to demonstrate the likelihood of clients suffering long-term sickness or dying prematurely, which can be used as part of the protection sales process.
The calculator, which will initially be launched next week to a small number of distributors, will allow advisers to input details for their clients, such as name, age and whether they smoke.
The calculator generates the percentage chance of that client and if relevant, their partner, undergoing a period of over two months away from the workforce due to sickness absence, suffering a serious illness before the age of 65 or dying before the age of 65, or the likelihood that all three events will happen.
The figures are based on average UK wide statistics around morbidity and mortality rates.
LV= said advisers could embed this tool into the protection sales process as a "conversation starter" when discussing policies such as income protection, life insurance or critical illness cover, with their clients.
The insurer also said the tool takes the conversation away from price or a "heavy sales process" as it initially makes consumers think about their financial plans and focus on what type of protection policy would be most relevant for their circumstances.
Dean Mason, principal of Masons Financial Planning said the tool could help remove some of the "hurdles" advisers face when discussing protection policies with mortgage clients.
