Two years ago, the Association of Mortgage Intermediaries (AMI), Protection Distributors Group (PDG) and Income Protection Taskforce (IPTF) collaborated on an adviser guide to saving protection policies during the Covid-19 pandemic.

Now, with UK households facing the worst squeeze on incomes in a generation there is concern that some clients may cancel their protection insurance direct debits.

Advisers are well placed to engage and educate their clients about the benefits of their existing policies, as well as discussing alternative options to cancellation. It is important that clients make an informed decision and not one that is in haste, particularly as injury and illness could worsen household finances.

To assist advisers in providing support and guidance and to help ensure clients maintain cover, AMI, PDG and IPTF are pleased to announce the refreshed adviser guide to saving protection policies. Click here  to view and download.

 

Today also sees the release of a consumer facing guide. This highlights in consumer friendly language the importance of reviewing cover and the types of support and guidance that may be available. Click here to view and download.

Stacy Reeve, Senior Policy Adviser, AMI said:

“With many UK households facing a cost of living crisis, it was important to refresh the guide with updated hints and tips to help advisers have proactive conversations with their clients.

The new consumer facing guide can be used by advisers to engage with their clients and prompt discussion about their cover. Crucially it encourages clients to speak to their adviser or insurer as soon as possible if they are struggling financially and need support”.

Jo Miller, Co-chair, IPTF said:

“In the 7Families campaign the Clarke family had previously made the decision to review their monthly outgoings and lapse their income protection cover. Sadly this decision had devastating implications for them when Tracey’s eyesight deteriorated and she was no longer able to work. We hope these guides will help advisers remind their clients of the life changing support protection can offer at the worst of times.”

Neil McCarthy, Chair, PDG said:

“This is a great summary reminding advisers of the options available to clients considering cancelling protection policies with a new short consumer facing guide that can be used with clients. Hopefully mortgage and protection advisers can use them to help reinforce the broad range of benefits that modern protection policies can add to a family.”

 

See also: https://www.financialreporter.co.uk/trade-bodies-launch-new-adviser-guide-to-saving-protection-policies.html?