Organised by the Income Protection Task Force, this annual campaign has been taking place during the week 23-27 September 2024, highlighting the need for, and features of income protection to advisers of all levels of experience.
Since 2005, the IPTF has been working to raise awareness and boost sales of income protection across the UK. It’s a not-for-profit group funded by members, who make up most of the personal protection industry.
Shining the spotlight on the need for income protection, the IPTF organises a week of free to attend online events highlighting the need for, and features of income protection to advisers of all levels of experience. There’s plenty of information about it on www. https://iptf.co.uk/ipaw-2024/
Sharing his thoughts on the need for income protection, Steve Bryan, Director of Distribution and Marketing, The Exeter, said:
“In a time where many workers continue to face cost of living challenges, the value of income protection in providing a financial safety net shouldn’t be overlooked. Despite an increase in sales in recent years, more needs to be done to ensure that consumers are fully aware of the availability, and benefits of income protection, and this is where advisers play a key role.
“Last year, our research revealed that almost a third (32%) of workers overestimated the value of statutory sick pay, which currently stands at just £116.75 per week. The financial advice conversation is an opportunity to help clients understand that employer sick pay arrangements, state support, and lifetime savings only go so far and that income protection, and wider protection products, should be an important consideration in building a robust financial safety net.
“For anyone not prioritising an income protection conversation with their clients, I would encourage them to do so at the earliest opportunity.”
When it comes to the role of value-added services in driving the value of income protection propositions, The Exeter’s Jamie Page said:
“Over the past decade, added value services have become an intrinsic part of income protection propositions, offering valuable everyday benefits designed to help treat or manage a range of health conditions. With the current challenges being faced by public health services, it’s no surprise that we have continued to see an increase in the usage of these services in recent years.
“In 2024, we have seen a marked increase in the uptake of services available to members through our HealthWise app. Notably, remote GP appointments are a key driver of the app’s popularity, accounting for 74% of all HealthWise usage year to date.
“To keep this momentum going, the industry needs to highlight the availability and success of these services, educating policyholders through targeted communications that detail the benefits and their ease of access. By reinforcing the value of these services in contributing to a healthy lifestyle and offering convenient solutions to primary care challenges, insurers and advisers can encourage more policyholders to benefit from these services.”
