If a potential young customer can see that their peers are benefitting from their policies, and all the ancillary benefits that come with it, then they are not only more likely to buy into the idea but see the value it offers them.
This also generates more referrals for advisers, who can then start to have conversations with their parents or even grandparents and this is where we really start to make head way on intergenerational holistic financial planning.
We need to capture this audience, who will be key to developing the technology for financial planning in the future.
FTA: What additional protection needs might women have that their male counterparts do not? What should advisers be aware of?
EV: Women need just as much protection, if not more. Regardless of family status, women are more likely to be off ill than their male counterparts as they tend to seek medical advice when they need it.
Having income protection and critical illness cover for worst-case scenarios means that they can take the appropriate time off work to recover, and have additional financial support for things like hospital visits and home alterations if needed.
Women with children may need to pay childcare, so having their protection policies in the background will give them peace of mind that money is one less thing to worry about while they deal with everything else.
And as women statistically live longer, having long-term care protection in place means that they won’t have to sell their home if they eventually need to be taken care of and the wealth they have accumulated will be passed to who they wish instead of being sold to pay for care.
simoney.kyriakou@ft.com
