Times are tight for everyone at the moment, and unfortunately, we don't know when this might change. It'll come as no surprise then, that in the face of the rising cost of living, many people have changed their spending habits - at least a little - to help make their budgets stretch further.
The cost of living crisis has made us more discerning about how we spend our hard earned money. When thinking about buying new products or services, many of us, myself included, are increasingly on the lookout for options that offer a bit more. A bit more petrol in my tank, a bit more shopping in my basket - just a bit more bang for my buck, as it were.
You could say that these days, people are increasingly interested in options that offer them real value, and when it comes to protection policies, this attitude is no different. But consumers could be forgiven for thinking that rather than getting more bang, financial products like this might be more of a damp squib when it comes to offering them value for money.
So, what can providers and advisers do to help reassure clients that a recommended plan will not only be there for them and their family if the worst happens, but provide real value and benefits for them right now?
Recommending plans which include additional tangible and immediate benefits for clients could really help bolster your protection conversations. That's why our advised protection plans include our Helping Hand service, at no extra cost.
No doubt you'll be aware of some of the current issues many people in the UK are facing around timely access to GPs and other NHS support services - with Helping Hand, clients get easy access to services that can help with their health issues.
It includes access to a range of third-party early care wellbeing services for the plan owners - such as a 24/7 virtual GP, and personalised physiotherapy and mental health support. What's more, it includes access to a dedicated nurse, through the nurse advisory service, RedArc, for the plan owner and their partner and children.
Added value services like Helping Hand can play a big part in helping clients feel reassured that they're getting value for money by giving their policy worth in the here and now - not just in the far and distant future.
Additionally, when clients are looking for the best value option in terms of a protection policy, it's important to remind them that, depending on their needs, this doesn't necessarily mean the cheapest option. It's important to remind people about what they're trying to protect, and what they could lose if they make the wrong choices. After all, the range and complexity of many protection products - especially when looking beyond life cover, towards critical illness or income protection options - can be difficult for consumers to navigate on their own.
And when helping clients to understand the advantages of choosing advised protection products rather than a direct offering, recommending plans which offer both immediate and long-term benefits can be another way to highlight the value of advice.
For more information and resources to help strengthen your protection conversations, visit Protection in safe hands - Royal London for advisers.
