Roger Edwards, proposition director at Bright Grey & Scottish Provident, reveals how items lying around the house or office can be instant protection sales aids.
Newspapers are instant sales aids. They are crammed with stories of people’s everyday lives and of accidents, illness and death. No-one wants to dwell on these issues but many of the stories will highlight the very real need for families to have some form of financial protection in place.
While most people think it will never happen to them just picking up a newspaper should alert them to the fact that unfortunately it could.
2 Bank statement
A bank statement perfectly records what the salary provides for each month. It provides clients with a snapshot of their financial existence. So, the direct debit for the mortgage comes out every month followed by the direct debit for the gas and electricity and so on until by the end of the month there is very little left.
Five everyday items to help you sell protection…
It is the income a person earns that pays for all the items on this bank statement – the mortgage, the utility bills, holidays, entertainment, school uniforms. So how they would a family manage if there wasn’t a salary coming in or a reduced income? What could they afford to do without or cut back on?
While many will say they cannot afford protection, their bank statement can show them where they could reduce their spending by say 5%. They can then use the money they save to buy a protection product. This will ensure they protect their lifestyle and the remaining 95% of their finances.
Most people love a bargain. We are surrounded by them everyday and it is difficult not to be attracted by the ‘buy one get one free’ deals. However, sometimes we all like to pay a little extra for some added value. Whether that is a free range chicken or a superior brand of teabag, the cost may be more but the taste is worth it. The same principle applies when recommending protection.
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An added tier of asset management can of course deliver additional benefits for certain investors, writes Graham Bentley - just be sure you can justify it to the regulator and, especially, the client