STATE OF THE PROTECTION NATION - May 2018 - Royal London for advisers
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STATE OF THE
PROTECTION NATION
May 2018
THIS IS FOR FINANCIAL ADVISER USE ONLY AND SHOULDN’T BE RELIED UPON BY ANY OTHER PERSON.
INTRODUCTION
Now in its second year, our State of the Protection
Nation research looks into public perception
of the protection industry and the suitability of
its products along with adviser confidence in the
industry moving forward.
Packed full of interesting findings and insightful statistics,
I hope you’ll find plenty of useful nuggets to help you
understand the current barriers to people taking out protection
and how to potentially address them.
The general messages resonating throughout the report
are that while some customers can see the benefits of
protection, a large proportion still don't see the need.
And for those who do, converting those thoughts into
action is still proving difficult. Many want to protect their
lifestyles and loved ones, but advisers still have to overcome
barriers to close the sale. By working together, we can help
you overcome these barriers with the tools and support we
have available.
In the meantime, we hope you find the research as
thought-provoking as we do!
Toby Bainbridge
Head of Protection Solutions
01
STATE OF THE
PROTECTION NATION 2018
Methodology
We commissioned Opinium Research to run our State of the Protection Nation
research. The research is based on the results of an online survey that took place from
9 to 12 January 2018. Over 2,002 nationally representative UK adults (aged 18+)
and 200 advisers were interviewed. The results have been weighted to nationally
representative criteria.
We asked a separate series of questions to consumers and advisers. We wanted to
test how consumers’ perceived need and trust in the protection industry and the
products. We also measured adviser confidence in the protection market. Our survey
included both those who already have protection and people who don’t.
We attributed scores to the questions asked, which gave us an overall score that we are
calling the State of the Protection Nation Index.
The index finds that, currently, consumers have a confidence ranking of 54.2 out of
100. This ranking focuses on consumers’ awareness, usage and confidence of
protection products.
It also found that advisers have a confidence level of 60.5 out of 100. This ranking
focuses on advisers’ perceived relevance of protection products and their
ability to meet, or adapt to, consumers’ needs.
We can see that consumer confidence has remained stable
with the consumer index rising by just one point since last year.
Adviser confidence fell by just one quarter of a point. Despite very
little change in the index rankings since last year, they continue
to suggest that advisers remain more confident in protection
products than consumers.
54.2
The Consumer Confidence Index
in 2017 was 53.2
60.5
The Adviser Confidence Index
in 2017 was 60.75
02
STATE OF THE
PROTECTION NATION 2018
Life insurance is still essential, but . . .
It’s well recognised that either a new home or having children are common reasons for a protection purchase.
In the experience of the advisers asked, 87% considered the purchase of a house as a trigger for an initial protection
purchase, and 74% said that having children was a prompt.
Customer opinion reflects adviser experience. And with a slight increase on last year, half (50%) of all consumers in
the survey say life insurance is essential for anyone with a mortgage or dependants. This figure was 47% in 2017.
Again, following the pattern seen in last year's report, the research revealed differences across the age ranges.
There was little change in the responses from the younger and older age groups with 61% of those aged 55+ believing
that life insurance is essential if you have a mortgage or dependants, and just 36% of 18-34 year olds feeling the same.
In 2017, these figures were 58% and 37% respectively.
Life insurance is essential for anyone with a mortgage or dependants (%)
70% 2017
2018
60%
50%
40%
30%
20%
10%
0%
18-34 years olds 35-54 years old 55+ years old Total
These figures only really represent what customers are thinking, they don't show whether or not these individuals
converted the thought into an action to buy. However, can the results perhaps imply that the importance of protection
isn’t lost on customers? While the general trend is upward, the most promising increase was in the 35-54 age group
with 51% agreeing that life insurance is essential for anyone with a mortgage or dependants. This was an increase
of 7 percentage points on last year.
Adviser experience suggests that a house purchase is a common trigger for
50%
considering protection. And when we look at the statistics it seems that life
insurance is, perhaps unsurprisingly, the product of choice.
However, statistics show the proportion of people buying their home with a
of all consumers say life insurance is essential for
mortgage is decreasing1 which could suggest that a revenue stream for advisers is anyone with a mortgage or dependants.
beginning to dry up. Yet, renters themselves can present a protection opportunity.
Source:
1. English Housing Survey, Headline Report 2016-2017. Ministry of Housing Communities and Local Government, www.gov.uk
03
STATE OF THE
PROTECTION NATION 2018
Those who rent their home are likely to be hit as hard as homeowners if their income was interrupted. Their day-to-day
outgoings are probably very similar to the homeowner, with household bills and rent still needing to be paid if they were
unable to work. And while some may have protection in place, it’s likely to have been arranged without advice due to the
fact advisers rarely get involved when renting a property.
Speaking to renters about their protection needs is an opportunity to grow your client base. By highlighting the benefits of
income protection and critical illness cover, you’re demonstrating the value of buying protection with advice and building a
trusted relationship. Then, for those with aspirations to buy, when it comes to purchasing their first home they know where
to turn for further professional advice.
The percentage of people with a mortgage who own...
60%
29% 19%
LIFE COVER CRITICAL ILLNESS INCOME PROTECTION
Our figures show that 60% of people with a mortgage have life cover in place if the homeowner dies, leaving 40%
unprotected. But the most worrying statistic to appear is that 71% of people with a mortgage have no protection in place
if they were diagnosed with a critical illness, and 81% of mortgage owners have no income protection in place.
Without this vital protection, how do many mortgage owners expect to keep their home if they should fall ill for any length
of time? We look at this in a bit more detail further on in the report as it seems few people have a plan if they’re unable to
work due to ill health.
Just as the responsibility of owning a home makes people consider their protection needs, having children also increases
awareness of the need. As we can see from the figures, those with children are more likely to have all types of cover than
those without as shown below:
INCOME PROTECTION CRITICAL ILLNESS LIFE INSURANCE
PROTECTION
OWNED BY THOSE
WITH CHILDREN
12% 18% 47%
PROTECTION
OWNED BY THOSE
WITHOUT CHILDREN
6% 7% 24%
04STATE OF THE
PROTECTION NATION 2018
I don’t need this sort of cover
While half of those asked felt life insurance was essential for anyone with a mortgage or dependants, it seems many feel
they don’t need the cover themselves.
A quarter (25%) of people who don’t own any life insurance, critical illness cover or income protection said they were
confident that this lack of cover was in line with their needs.
Unsurprisingly, confidence increased when we asked the same question to those who owned at least one of the covers, with
42% responding positively. Whichever way we look at the figures, they suggest a large proportion of people are unsure, in
varying degrees, as to their protection provision - which is a great opportunity for advisers.
We asked the entire group (including those who already had cover of some kind) to rate their need for life insurance, critical
illness cover and income protection. The majority of people felt they didn’t need income protection (58%), with this figure
falling slightly to 47% for those who felt they didn’t need critical illness cover. And, perhaps because of the association
between buying a property and taking out life insurance, only 34% felt they didn’t need life insurance.
Percentage of respondents who feel they don’t need a certain cover
60% Working full time (30+ hours)
With children at home
50% Own home with a mortgage or loan
40%
30%
20%
10%
0%
Life Cover Critical Illness Income Protection
The chart shows a high number of people who don’t feel they need each of the protection covers listed. Thirty-eight percent
of those working fulltime (30+ hours) feel they don’t need income protection but just 8% said they didn’t need it because
they had cover with their employer. Unless they have built up substantial savings, how would these people expect to
replace their income?
05STATE OF THE
PROTECTION NATION 2018
With such a small percentage saying they had cover from their employer (life insurance 5%, critical illness cover 5%,
and income protection 8%) we feel there could be a knowledge gap with many perhaps not realising they have some kind
of cover through their employer or not realising the benefits of this sort of cover. Perhaps the name ‘income protection’
confuses things and if we labelled it differently more would understand its purpose. Whatever the reason, it seems more
education is key to the sale.
Age plays a huge part in the difference in opinion, with those aged 55 and over feeling considerably less need than the two
younger age groups. However, as there is no longer a default state pension age2 and the number of people continuing to
work past the age of 55 is increasing3, it seems more important than ever to have protection into later life.
Source:
2. State pension age, accessed March 2018, www.gov.uk/state-pension-age
3. Economic activity of older people, UK, 2015 to 2016, accessed March 2018, www.ons.gov.uk
The perceived need for cover across age groups
I don’t need I don’t need I don’t need
life insurance critical illness cover income protection
18-34 years old 28% 34% 38%
35-54 years old 27% 37% 49%
55+ years old 47% 67% 83%
Perhaps this hesitance comes from their perceived likelihood of not being able to work due to long-term illness or injury.
A surprising 46% felt they were unlikely to go on sick leave for three months or more, 44% felt they were unlikely to have
an accident that meant they were unable to work, and 34% felt it was unlikely they’d contract a serious health condition
or illness.
Forty-nine percent of advisers feel that customer inertia is a threat to the protection market.
With 12% of those who have no cover saying they don’t know why they don’t have
cover, and 12% who don’t see the benefit of protection, it’s clear we need to work
harder to make these people realise not only the benefits of protection, but the likely
outcome for their family and themselves if they become seriously ill.
While capturing the attention of customers and better education around the
benefit of protection is vital, our figures show that it’s perceived cost that turns
people off primarily. ‘It’s too expensive’ was the main reason customers gave for
not having critical illness cover (29%) or life insurance (27%). This is in contrast “It’s too expensive”
to just 16% of advisers who felt the cost of protection was too high.
The number of customers who say they
don’t have each cover because of the cost.
If price is turning a quarter or more people away from protection, then perhaps
the industry needs to do more to emphasise the ability of menu plans – to tailor 29% Critical Illness Cover
a plan to a tight budget and the flexibility that these offer. We could almost
27% Life Insurance
argue that this one objection alone deserves our fullest attention. There are lots of
tools available online to show customers the affordability of protection but first,
25% Income Protection
advisers must catch their attention in order to pique their interest.
06STATE OF THE
PROTECTION NATION 2018
I want my family and dependants
to be looked after financially when I die…
Our research shows just how much our families mean to us - just 16% of people disagreed with the statement ‘I want
my family and dependants to be looked after when I die’. This figure is perhaps unsurprising when 24% said that having
children prompted them to take out protection.
Echoing this statement of wanting family and dependants to be looked after when they die, 47% of people with children in
the household have life cover, along with 37% with children no longer at home. This is compared to 18% of those with no
children at all.
Percentage of respondents who want their family to be looked after when they die (breakdown by age of child)
60%
50%
40%
30%
20%
10%
0%
Young children Children Teenagers 18+ No children Expecting No children
0-6 7-13 14-17 in household first child
Having children makes a big difference to opinion, however, the age of their child(ren) doesn’t. Parents of children
over the age of 18 are almost as likely as those with younger children to want to leave some kind of financial legacy
when they die. Surprisingly, those expecting their first child are much less likely to agree with the statement (28%),
and their answers are comparable to those without children (26%). Perhaps the reality of having a family hasn’t yet
hit the parents-to-be along with the financial implications children can bring.
Alarmingly, 32% of people without any life insurance, critical illness cover or income protection want their family
and dependants to be looked after financially when they die. And 54% of people asked felt they were risk averse when
they thought about their overall attitude to risk in life. Without some protection in place, where do they expect this
help to come from?
07STATE OF THE
PROTECTION NATION 2018
But we don’t have a plan if
I’m unable to work due to ill health.
Confidence was high when we asked people with children at home about how long they felt they would be able to manage
if they were unable to work due to serious illness or injury. Seventy-one percent said they felt confident they could manage
for three months, 55% said they would manage for six months, and 42% believed they could manage for a full year. As
we know, confidence is one thing, but actually being able to survive is something completely different. Confidence seems
artificially high when we find that just 18% think their savings would last for two to three months, 18% said three to six
months and only 13% thought their savings would last between six months and a year.
State benefits often don’t provide as much support as people might need, and with just 18% of households with children
owning critical illness cover and 12% owning income protection it seems they can’t rely on their protection provision either.
23%
29%
72%
BREAKDOWN OF
BREAKDOWN OF
5% THOSE WHO OWN
THOSE WHO OWN
CRITICAL ILLNESS
INCOME PROTECTION
COVER
6% children in the house
65% no children in the house
no children
Interestingly, a smaller number of people whose children have left home own either income protection or critical illness
cover than those who have no children at all. Does this mean that once a child becomes more financially independent,
parents feel they no longer have a need for this kind of cover? Perhaps they cancel any policies they have, believing they only
have themselves to look after if they’re unable to work for a prolonged period of time. And while the figures don’t entirely
substantiate this theory, our research shows the highest number of people planning to cut back on their policies in the
next five years are those with children at home. (10% of those with children in the household compared with 5% with no
children in the household and 7% with no children).
Do you currently own Do you currently own Do you currently own Do you currently own
critical illness cover? critical illness cover? income protection? income protection?
(2017) (2018) (2017) (2018)
18-34 years old 5% 16% 6% 13%
35-54 years old 9% 17% 5% 11%
55+ years old 3% 4% 1% 3%
Generally speaking, the figures are improving, with more people owning both critical illness cover and income protection
than last year. However, overall ownership rates are poor.
08STATE OF THE
PROTECTION NATION 2018
Complacency around the likelihood of being off work for three months or more perhaps drives the apathy toward protection
purchase. Just 11% of people with children at home felt it was likely they would be off work for at least three months due to ill
health in the next five years. This figure is slightly higher than those with no children, where the figure was just 9%.
6% 12%
of people working 8-29 hours of people working 30 hours or more
per week think they’ll be off work per week think they’ll be off work
for at least three months within for at least three months within the
the next five years due to ill health. next five years due to ill health.
The younger age groups also seem to be unperturbed when it comes to the likelihood of them being off work for three months or
more. Seventeen percent of 18-34 year olds think it likely that it will happen to them, with an alarming 9% in the 35-54 age group.
Research from Pacific Life Re4 shows the risk of a 30–year–old
being off work for two months or more before their retirement
at age 65 is significantly higher than people might believe.
As an industry, we need to improve consumer education around
the likelihood of being off work for any prolonged period of time.
It’s only by highlighting the risks we all face, and by painting Risks faced by chance of dying
a realistic picture of the support available from the State, that a male and female chance of critical illness
we’ll make the very real need for adding critical illness and of working age:
• both aged 30
4% chance of being off work
income protection to a plan clear. (male)
2 months or more
• non-smokers
• planned
3%
(female)
retirement
age of 65
13% 11%
Source: (male) (female)
4. Pacific Life Re, March 2018. These figures have been
produced based on their interpretation of the Institute and
Faculty of Actuaries’ Continuous Mortality Investigation
insured lives incidence rates together with their estimated view 26% 37%
(male) (female)
of future trends. Incidence rates for the entire population may
be different to those lives that take out insurance products.
09STATE OF THE
PROTECTION NATION 2018
As an adviser I’m generally positive
about the coming year.
When asked, most advisers felt they’d sold a similar amount, or more, life insurance, critical illness and income protection
during 2017 as the previous year. And when we asked about the coming year, the majority felt they would sell a similar
amount, or more, protection in the coming 12 months. This confidence has remained stable since our last research with
the percentages being comparable to those given in 2017.
Do you think you’ll sell more, less, or similar amounts of the following in the next 12 months?
Life Insurance Critical Illness Income Protection
More 21% 17% 17%
Less 9% 15% 14%
Similar 67% 66% 64%
The size of the business affected opinion slightly across all covers where, generally speaking, the larger the business
(in terms of number of employees) the more confident advisers were about selling similar amounts, or more, protection.
In fact, overall, just 17% of advisers agreed that they were concerned about the general long-term prospects of the
protection market. Advisers who regularly advised their clients on mortgages were the most apprehensive with 22%
saying they were concerned. This could be due to these advisers relying on a buoyant housing market to bolster their
protection sales.
Even when asked about online comparison sites, advisers seem to be buoyant. Just 17% see websites such as Money
Supermarket or Compare the Market as a significant threat to their business. This figure fluctuates depending on the
size of the company with just 10% of companies with more than six employees feeling the sites to be a significant threat,
compared to 21% of businesses with between two and five employees. And when we asked consumers who owned one of
life insurance, critical illness cover or income protection, where they bought their insurance, comparison sites were the
least popular choice.
10STATE OF THE
PROTECTION NATION 2018
How customers are purchasing protection
9%
12% 12%
32% 33% 23%
16%
15%
INCOME CRITICAL
21% ILLNESS LIFE COVER
PROTECTION
COVER
9%
8%
6%
29% 32% 43%
A financial adviser/broker Direct from insurance company Via a comparison website Through my bank/building society Other
(e.g. MoneySupermarket)
These statistics show that the threat of direct sales is real. While buying life insurance online might seem very straight forward to a
customer, purchasing income protection is likely to be a very different story. Customers can’t expect to have the experience and skill
of an adviser when understanding the complexities of different products. A customer is unlikely to know exactly how much medical
information to give on which conditions, which could potentially lead to non-disclosure in the event of a claim.
Advisers must continue to demonstrate the benefit and value that buying protection with advice brings. There’s no denying that an
adviser is able to tailor protection to fit individual needs and budgets, but it’s important to emphasise the other customer benefits.
A customer is likely to better understand the products they’re buying from an adviser – especially for more complicated covers such
as critical illness and income protection. An adviser will also be able to guide the applicant through the sometimes more difficult
application process for these covers, making sure they declare the right information about themselves.
Despite our figures showing a high number of individuals buying their protection direct from a provider, the relationship between a
client and their adviser is still seen to be important. In fact, the most reassuring statistic to come from our research was in regard to
the client/adviser relationship. A healthy 73% of 18-34 year olds who purchased cover through an adviser say they have an ongoing
relationship with their adviser compared to 44% of 35-54 year olds and 47% of those aged 55 or over. Perhaps as people get older,
they feel more confident in the decisions they’re making themselves when compared to the younger generations who perhaps feel
they need guidance. This certainly seems to counter the view that younger generations are happier to ‘self-serve’ and presents an
opportunity for advisers to engage with this group.
Despite the increased cost of living and rising interest rates.
Going forward, advisers feel the increased cost of living (65%), rising interest rates (45%) and a housing market crash (45%) are likely
to be a threat to sales. With household finances continuing to be stretched it’s a natural assumption that protection, a product that can
be seen as a difficult sale, would be one of the first things to be dropped from the monthly spend. However, when we put the question
to customers, just 8% felt they would cut back on the protection policies they currently hold in the next five years.
The ageing population was felt to be the greatest opportunity to the protection market with 33% of advisers agreeing with this statement.
Using the latest data from the Office for National Statistics, we can see the workforce aged 55 or over increased by an average of 70%
in the 20 years leading up to 2015. This highlights the increased need for protecting older individuals bringing home an income.
Customer inertia continues to worry advisers as 49% see this as a threat to the protection market. Just 12% of customers asked ‘didn’t
know’ why they didn’t have life cover, critical illness cover or income protection which suggests that other objections could be overcome
with one of the many tools available from providers.
11STATE OF THE
PROTECTION NATION 2018
Reasons for not having insurance
35% Too expensive
Don’t see the benefit
30%
Don’t need this sort of cover
25% Don’t trust insurance
companies to pay out
20% Have savings
Don’t know
15%
10%
5%
0%
Life Insurance Critical Illness Income Protection
It’s worrying, although not altogether unsurprising, that so many people don’t feel they need income protection (29%).
It’s the most common reason given for not owning income protection, with cost coming in at a close second (25%).
Income protection is the least purchased cover, both for consumers and advisers with just 9% of consumers owning this
cover along with 34% of advisers. And yet, despite this low ownership, only 25% of advisers feel it’s increasingly difficult
to sell. So just what are the barriers to purchase? Advisers know the benefits of their advice when buying protection with
84% understanding that advice ensures customers get the right product for their circumstances. Sixty-one percent also
trust that their customers better understand the products they’re buying, which ultimately should lead to fewer customers
cancelling cover further down the line.
Alarmingly few advisers (17%) saw the opportunity to be taken from legislative changes (such as mortgage interest
support). Fifty-one percent of those asked felt there would be no impact when the reality is that these relatively recent
changes to state benefits could greatly impact families who aren’t able to work due to prolonged illness or injury. The
waiting period for the benefit has been extended from 13 weeks to 39, and from April 2018, the benefit becomes a loan5.
Unfortunately, the impact of this quietly whispered change could be catastrophic for the mortgage client who didn’t buy
enough of the right cover and it could be pretty uncomfortable for the adviser who didn’t convince the client to buy it.
Because when it all goes wrong, the client is likely to be asking why this wasn’t highlighted as a potential risk to their
home and the long-term affordability of it. Making customers aware of this change could make them realise the real
impact relying on state benefits could have. It should make a strong case for customers buying even just a small amount
of income protection or critical illness cover.
Source:
5. Support for Mortgage Interest (SMI), January 2018 www.gov.uk
84%
of advisers think that ensuring the customer gets
the right product for their circumstances is the
main value of receiving protection with advice.
12STATE OF THE
PROTECTION NATION 2018
Conclusion
The same themes highlighted in last year's report continue to resonate this year — customers apparent knowledge of the need for
protection, yet a general reluctance to buy adequate cover; customers think it’s unlikely they’ll be off work for at least three months
due to ill health and don’t see that the state can’t always provide enough support if it does happen to them; and that despite the low uptake
of protection, advisers remain confident the products available meet the needs of the majority of people.
Almost half agree that the cost Talking about protection at every opportunity seems to be
of protection products is too high the key way to engage with these individuals. As we discussed
earlier, buying a home or having children are the key triggers
On a par with last year’s figure of 46%, almost half of customers for talking about protection, but the protection conversation
(45%) still believe the cost of protection is too high. We clearly need shouldn’t be limited to these two activities alone. With 61% of
to do more work to help customers see that the price of protection advisers believing the value of their advice means customers better
can be adjusted to fit almost any budget, and that the experience of understand what they’re buying, wills, guardianship, retirement,
an adviser can make all the difference to protection product choices. investments and savings could all become conversation starters to
make protection easier to access for many.
We also need to help advisers get these costs into perspective for
customers. We all know the saying ‘protection isn’t bought, but
needs to be sold’, but with the continued changes to state benefits, Legislative changes could stimulate
it’s becoming increasingly important to make people aware of the the protection market
prospect of becoming ill and having limited state support.
Many providers offer cover with a very low minimum payment Continued change to state benefits makes for great uncertainty if
meaning that individuals and families could buy some cover for customers find themselves in the unfortunate position of having
as little as £5. And, while this may only offer a small amount of to make a claim. Arguably, the biggest changes last year were
protection, for the relative cost of a few coffees each month it the changes to the Support for Mortgage Interest payments and
could provide a little financial stability in times of real need. to Bereavement Support payments. And, understandably, the
government made these changes with little fanfare so they slipped
under the radar for many.
Just over one in six who don’t own
protection agree they’d benefit from The good news for advisers is that providers have been keen to
having life cover take advantage of these changes by creating marketing material
explaining the changes, explaining how these changes can be used
Surprisingly, despite the ease of buying protection from either in the protection conversation with customers.
an adviser or online, 11% of people who don’t own some protection
(life cover, critical illness cover or income protection) say they’d
benefit from owning life cover. That’s just over one in ten people
who understand the benefit of owning protection but haven’t
yet translated that thought into an action to buy. What a great
opportunity for you as an adviser! Many protection providers
offer tools, such as approach letters, to help you engage with
these customers.
13STATE OF THE
PROTECTION NATION 2018
How we can help
Looking at our research, many customers seem to be aware of the protection covers on offer and the overall need for them.
However, they seem unable to translate this general need into a personal one and don’t appear to realise the relevance for
themselves. Or they just think it’s too expensive.
If you’re finding it difficult to approach these issues with your clients, we have tools available to help you.
The cost challenge Approach letters
As highlighted in this report, cost is one of the biggest reasons people We know it can sometimes be difficult to approach the topic of
gave for not taking out protection. We’ve created a suite of tools to protection with your clients. That’s why we have a suite of approach
help you show your clients where their money goes on a monthly letters you can cut and paste onto your own letterhead stationery or
basis, and how cutting back on a few simple luxuries each week could emails that can help convince them of their own need for protection.
add up to a substantial amount of protection. They can also show just It may be a client who feels they don’t need to consider protection
how little it might cost to have some cover to protect both them and for their mortgage, or someone who doesn’t see the need for income
their family. protection or critical illness cover because they believe life cover is all
they need.
You can find our range of tools here adviser.royallondon.com/
protection/tools/during-your-client-meeting/ Find them at adviser.royallondon.com/protection/tools/
approaching-clients/approach-letters/
Our marketing studio To see our full range of protection tools visit
adviser.royallondon.com/protection/tools/
Reinforcing the importance of having a little bit of protection in
place and overcoming objections can be tricky without evidence
to back up your arguments. This is why we created our marketing
studio – a free tool that gives you a wide selection of marketing
material full of powerful arguments that can help you make the
case for protection. It includes a range of sales aids that you can
personalise with your own company logo and contact details.
Designed to help overcome the most common objections of ‘I
can’t afford it’, ‘it won’t happen to me’, and ‘the state will help me
if I’m sick’, these sales aids have facts and figures to support the
conversations you have with your clients. The marketing studio
also includes detailed reports to help you explain why income
protection and critical illness cover are often even more important
than life insurance for your clients. You simply enter a few personal
details about your client to create a report individual to their
circumstances, showing their risks and what’s at stake. You can
prepare and print out a report before a client meeting, or even run
it quickly while your client watches the risks unfold.
You can register for the marketing studio at
studio.royallondon.com
14Royal London
55 Gracechurch Street, London, EC3V 0RL
royallondon.com
The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential
Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions and is a member of the Association of
British Insurers. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL
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