'Income first' toolkit launched by The Exeter

Includes income risk calculator and 'reasons why' follow-up

'Income first' toolkit launched by The Exeter
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Resource to help advisers educate their clients and discuss the need for income protection

A new toolkit launched by The Exeter has been designed to help advisers prioritise income protection (IP) when discussing protection with clients.

The ‘Income first' resource includes an income risk calculator, which generates a personalised client report using graphs and data to show the potential income gap an individual would face once sick pay ends, the impact of ongoing financial commitments following a drop in income and how IP could be used to help.

Another features is the ‘Reasons why editor', which allows advisers to share follow-up letters that are tailored to reflect the conversations they have had with their client.

Other toolkit materials include adviser and client guides, and tips on overcoming common barriers to purchasing IP.

 Steve Bryan, director of distribution and marketing at The Exeter, said: "When it comes to protection, the first thing clients think of is life insurance. However, dying isn't their biggest risk, illness is. It's a sad reality that any one of us could fall ill at any time and lose an income almost overnight. For many, this frightening truth has been harshly highlighted during the current pandemic.

"A product which helps to protect an individual's income in the event of illness or injury should therefore be, at the very least, discussed as part of mainstream financial planning. But worryingly, these conversations are still not taking place as frequently as they are needed."

The Exeter's recently released its Ill Prepared research that found nearly a fifth (17%) of self-employed workers have no personal savings to fall back, with a further 14% of these workers having less than £2,000 in savings. Out of the 3,000 surveyed, just 9% had an IP policy in place.

COVER recently partnered with The Exeter to explore those findings and help educate advisers about tailoring IP solutions to the self-employed and gig economy workers in this interactive guide.

'Top priority'

Matthew Chapman, commercial director, Plus Financial Group, said: "It's not a question of affordability, clients simply can't afford not to have income protection these days. Recent events have only highlighted the importance of regular income and the need for financial resilience planning! But we've got a lot of work to do as an industry to make this resonate with every adviser, every individual and every family across the country. 

"IP should always be at the top of the priority list when it comes to financial advice, given the sheer number of potential eventualities it protects against. But this doesn't appear to be the case right now. I'm therefore extremely pleased and encouraged to see The Exeter launch such a comprehensive, thought-provoking and easy to use toolkit for advisers, designed to help them gain the confidence and knowledge they need to make income protection a priority. 

"I'm confident these new offerings will be welcomed by the industry and I really look forward to seeing more advisers join the revolution so that collectively we can protect more people across the UK from potential financial ruin."

Hear more about why advisers should prioritise income protection in this month's COVER Podcast, featuring Matthew Chapman

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