Breaking news, insurance shouldn’t be overlooked…
Paul Hunt is a marketing consultant
Oh the irony, no sooner was I lampooning people for acting stupidly in the snow, I swiftly came back down to earth with a bang and slipped on the ice and broke my arm last week!
During my five hour wait in A&E, I had adequate time to consider why I had waited to do this until I became self-employed, although it made me realise how lucky I really am in working in a profession whereby a broken limb doesn’t stop me working. Not everyone is so fortunate though and it could have been so much worse.
My experience at Countrywide taught me why a mortgage advisor’s role is so important, as although customers know they need a mortgage to buy the property they want, the need for adequate insurance cover is not an immediate concern or even a consideration.
In research undertaken by LifeSearch last year, as part of their 2017 Health, Wealth and Happiness Report, they reported that more than two-thirds of the UK adult population either have not purchased any life insurance (57%) or are unaware whether they have or not (11%).
• Just over a quarter (27%) of over-55s had life insurance and were the most under-insured out of all of the age groups surveyed
• In terms of regional breakdowns, survey participants from Northern Ireland reported the most lives covered, at 42% of respondents – featuring just ahead of the 39% of Londoners with life insurance
• Those in the East Midlands reported the least coverage, with 19% of respondents saying they had life insurance
We have duty to ensure our customers have the adequate level of cover for their lifestyle and circumstances and rarely is life insurance bought, it has to be explained and I hesitate to use the word ‘sold’, but the concept of why it is so important definitely has to be raised on a customer’s list of priorities.
Insurers can supply brokers with a wealth of material and information that will support them when explaining the various options to customers and so if you haven’t already, speak to your providers and see what they can supply.
Your customers may not directly thank you, but you will sleep well knowing that your customers are covered.