Opinion & Analysis
14 Jun 2023
Back in 2021 in the lead up to the first Income Protection Awareness Week, IPTF started using the hashtag #LetsTalkIP and now, in the run up to the third annual awareness week, you’ll still find us using it in our social posts. Why? Well, the reason is simple – we still need to talk about income protection.
Thankfully, two years later we still have plenty to say from who should be buying income protection, to how advisers can have effective meetings, to overcoming common objections and keeping in contact with clients to review their policies and remind them of the value of their cover.
Income Protection Awareness Week (or IPAW as we shall refer to it from now on) was born out of a need to turn IP sales around from a low starting point and although the latest indicators suggest IP sales are heading in the right direction, the starting point was so low that IPAW is here to stay.
IPTF believe that income is the foundation of any kind of financial planning. It is the basis on which all other plans are made and as such it needs to be prioritised within client conversations. Advisers should realise that their advice will inform and enable clients to reach their financial goals with as much certainty as possible. Advising clients about protection, and income protection specifically, is not about selling a product, it’s about allowing your client to make an informed decision to reach their financial goals. Adviser mindset is key in ensuring that clients value advice and the cover they take out and this will be a key focus for IPAW this year.
Now more than ever, a focus on value and not price is key, and we hope that the sessions we have planned for IPAW will help increase advisers’ knowledge and confidence in the role that they play in improving their client’s financial resilience. The sessions across the week of #IPAW2023 are relevant for all advisers, including wealth advisers, mortgage advisers and protection specialists. All clients and potential clients will have the cost-of-living crisis and rising prices on their mind but there is a real need to focus on the financial objective and value of protection rather focus on price and race to the cheapest option. While there are benefits to both the adviser and the client of working this way, consumer duty provides yet another incentive to make robust recommendations to clients. It really is time to talk about income protection.
IPAW2023 will look at every aspect of the adviser role and offer useful content, hints and tips and sharing of best practice from advisers with lived experience. Expect thought provoking statistics and facts, useful checklists, role play and as much interaction as we can manage all aimed at increasing the skills and confidence of advisers at any stage of their career.
So it’s clear that there is a real need to keep talking about income protection, to keep using our hashtag and to keep holding IPAW each year. Aside from the need, at the IPTF we have thoroughly enjoyed producing IPAW over the last couple of years. From a somewhat homemade production the first year to a much more professional effort in 2022, we can’t wait to share our plans with you. One of the biggest highlights from IPAW in the last two years has been the way that it has united the industry and elevated the noise around IP. Sharing conversations with people who embrace the content and learning we are offering enough to change their way of working and see the results is hugely rewarding and see IP sales heading in the right direction is the reason we’ll keep doing what we’re doing. #LetsALWAYSTalkIP