It is also worth gaining an understanding of common conditions that trigger a rating and requirements for further underwriting, says Paul Yates, product strategy director at iPipeline, adding that this will also help manage client expectations.
These common conditions include diabetes, cancer and mental health, says Knowles, adding that it is worth gaining an understanding of some of the types of medication, symptoms and, where relevant, the readings, stagings and gradings that apply. “You don’t have to become a doctor, but with such a high prevalence of these conditions, you are very likely to have conversations with clients who have, or have experienced, these conditions.”
That said, in the vast majority of cases, good underwriting disclosures lead to a speedier process and claims certainty, not - as some might think - an immediate decline. “Most people get an immediate online decision, even with many medical conditions that customers might think will affect their cover,” adds Croft. “In reality it’s likely that we can insure them. People with medical conditions take out insurance all the time.”
Focus on solution first, product second
‘Protection’ encompasses a vast area. The associated product range can be anything from life insurance, income protection and critical illness cover to health cash plans and medical insurance. All very different products for very different needs. Consequently, a solution first mindset is essential.
“Protection doesn’t begin and end with life insurance,” says Banks.
So, where should advisers start?
According to Eoin Lyons, chief executive at Opal Group, advisers should be trained to be comfortable with the problem they are solving, what the purpose of protection is, not necessarily the minute details of products they are selling.
“If we go to a hardware shop, we are more likely to buy a drill from somebody who can advise us on how to prepare, how to drill a hole, do the job properly, as opposed to all the features of a particular drill they want to sell to us.
“Nobody likes to be ‘sold to’. Nobody really wants a drill, they want a nice clean hole in the wall. Nobody really wants a protection product, they want – need – a financial safety-net.”
To help people understand the benefits of protection, do not just talk product, instead share real-life stories, adds Banks. “Testimonials from those who had cover and: were able to pay off the mortgage; or keep the family afloat when they couldn’t work due to illness; or were given peace of mind when they received a cancer diagnosis and were able to focus on recovery rather than worry about money.
