Opinion & Analysis
A date for your diary!
14 Jun 2022
Awareness days or events are a fantastic way for an organisation, group, or charity to promote their chosen cause. So, for an industry that protects hundreds of thousands of UK workers and their families each year it’s only right we have our own!
The 19-23 of September sees the return of income protection awareness week (IPAW) run by the Income Protection Task Force and its members.
The aim of IPAW is simple – to raise awareness of income protection amongst financial advisers and increase the number of conversations taking place with clients. The end goal? To ensure more UK workers have greater financial security should they be unable to work due to illness or injury.
IPAW provides a weeklong programme of events delivered by experts from across the protection industry. Whether you want to write more income protection, don’t know where to start, or just want to see what the fuss is about, there’s something for everyone.
Five reasons to get involved
- Make good advice great! With the new Consumer Duty placing a greater focus on delivering good outcomes for consumers, protection products should be part of every financial planning conversation you have with your clients. Don’t give good advice, give great advice.
- It’s good for your clients. Your clients’ biggest asset is their income. If they cannot work due to illness or injury, how would they manage financially? Do they fully understand the financial implications of short or long-term ill health?
- There’s a clear need for cover. Income protection continues to be undersold compared to life cover and critical illness cover. That’s despite 66 million working days being lost to minor illness, musculoskeletal and mental health conditions in 20211. Illnesses that may not be covered by a critical illness policy.
- Because you can make a difference. The conversations you have with your clients are key in highlighting the value of income protection. A 2021 survey of UK working adults found that 67% were concerned about a loss of earnings because of illness or injury. Yet for those who sought financial advice, just 7% said their adviser had approached them to discuss protecting their income2. In short, we must talk more about income protection!
- It’s free! All it takes is a little of your time. Register for the sessions that most appeal to you, and if you don’t have time on the day, you can always catch up when it suits you! The sessions will also count toward your continuing professional development.
Sign me up!
If you would like to find out more about IPAW 2022 or would like to register to take part, then visit iptf.co.uk.
We hope to see you soon!
1 – www.ons.gov.uk