I have a client who has no protection and wants to change this, but price is a major factor. She is well aware of the cut down products as offered by bancassurers, however, I feel a fuller product would be more suitable. What are the definitive sales techniques to persuade her to spend more on a full size product, and is a comprehensive product always best or can a cut down policy be the best fit?
Mark Jones, LV= As ever it’s a discussion about priorities. Does she recognise the unused gym membership is the price for self insurance? Of course it’s important to ensure your recommendation is affordable but the question for her is ‘can she afford not to have comprehensive cover’. There is a high probability that her main need is to protect her income and full income protection (IP) isn’t the cheapest option. However, her knowledge of cut down products from bancassurers is not necessarily a barrier. The cheaper product will pay out for a maximum period of maybe two years which is ...
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