Which clients will benefit from IP?
IP is for anyone who is currently working, including those working as a houseperson, and who would like to maintain their lifestyle, should they be unable to work due to most types of illness or accidental injury for a long period of time. Therefore, look to your existing clients for opportunities to sell IP.
A number of your current clients may or may not have thought about the benefits and peace of mind that IP can bring. We have outlined below which of your clients might benefit most from having IP.
- Those buying a house
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Whether they’re a first-time buyer, moving home or re-mortgaging, clients will want to protect what’s valuable to them. However, IP can help to cover more than just their mortgage. It can also help to cover other outgoings, from their bills to their pension. IP is an excellent complement to most Critical Illness policies where a lump sum may be payable on diagnosis of a specific serious illness.
IP will pay a regular income in the event of long-term incapacity from most types of illness or accidental injury, which results in a loss of earnings.
- Those who are self-employed
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Because your self-employed clients may not get company benefits, any long-term illness may have an immediate and direct impact on their business and their personal finances.
Full-time housepersons or those who are employed part-time
If your clients are unemployed, engaged full time in household duties or work part-time, loss of income or inability to carry out household duties could prove extremely difficult. - Those with family responsibilities
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Those with a family may find it particularly difficult to cope financially if there were a loss of income. While the State may provide some benefits, it might not be enough.
- Single clients
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Those who rely on their own income to pay their mortgage and any other outgoing could be particularly susceptible to financial hardship if unable to work, because they do not have the cushion of a partner’s income.
- Those changing jobs
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If your clients move jobs, it is worthwhile considering their new sick pay arrangements. This could be an ideal time to review their Income Protection, to ensure that they have all available cover against long-term illness or accidental injury*.
* Some types of accidental injury and illness are not covered.