Shelley Read – Senior Protection Development and Technical Manager, Royal London
At Royal London, we want to help you have compelling Menu Plan conversations – that’s why we’ve put together some useful hints and tips to help you bring the benefits of Menu Plans to life.
1. Establish the protection need
If your client was too ill to work, could they cope financially? Is there a financial problem they wouldn’t want to face, should the worst happen? This is your starting point for recommending a protection solution.
We often use the ‘IAN’ model – ‘ideal’, ‘actual’ and ‘need’. If the worst happened, what would be your client’s ‘ideal’ financial situation? Then, what ‘actual’ financial provisions do they have in place? From here, you can work out their protection ‘need’.
The desired outcome for most clients is to be in a position where they can repay their monthly outgoings, including their mortgage payments – so they can keep their home and not struggle financially.
2. Make the risks relevant to them
Royal London’s risk report provides a powerful way to show your clients the key risks they face. Based on your client’s personal information, it shows their chance of death, critical illness and being off work due to illness or injury for two months or more before retirement.
3. Demonstrate the chances of a claims payout
Our menu tool highlights the difference in chances to claim between a traditional protection approach and a menu approach, showing a side-by-side comparison. This allows you to demonstrate the benefits of a comprehensive, flexible Menu Plan that protects clients for multiple life events and gives them peace of mind they’d be financially protected, should the worst happen.
4. Spot protection opportunities
The beauty of Menu Plans is their flexibility. Whether your client is a homeowner or renting; single, a couple or a family – a Menu Plan can be tailored to their life stage. And you can adapt a plan if their circumstances change.
Some key opportunities to look for in your existing client bank could include:
- Clients with life cover only – they’d have no protection at all if they fell sick
- Self-employed clients, especially those without employee benefits
- Families – talk about protecting their mortgage, bills, and lifestyle
- Divorced clients – may find themselves with just their income and no partner to rely on if they fell sick and needed to take time off
- Parents paying school or nursery fees
- Clients needing flexibility – those renting, starting their career or with aspirations to buy are the perfect fit for a Menu Plan that can change as their life and family evolve
These are just some examples of clients that could benefit from a Menu Plan conversation with you. For more ideas and information on how recommending Menu Plans can help you grow your business, demonstrate the value of your advice and ensure your clients get the cover they really need, click here.
