When a customer takes out a protection policy, it’s usually in response to a specific life event. A new mortgage, the arrival of a child, a promotion at work or the launch of a business can all create a need for financial protection.
But life rarely stands still.
Years after a policy has been arranged, many customers find themselves in very different circumstances. Their income may have changed, their mortgage balance or term is likely to have changed, they may have taken on new financial commitments, or their family situation may look completely different. Yet many protection policies remain untouched from the day they were first put in place.
For advisers, this presents an important opportunity. Regular protection reviews can help ensure existing arrangements remain aligned to customers’ needs, while reinforcing the ongoing value of advice.