An online calculator enabling advisers to work out clients' monthly expenditure and determine how much protection they can afford has been launched by Bright Grey.
The protection arm of Royal London says the tool will help advisers kick-start protection reviews with their clients at a time when they may be in search of fresh income streams.
Bright Grey says advisers can use the total of their clients’ monthly spend – including on the ‘little extras’ such as coffee and takeaways - and compare it with examples of protection costs for four different life stages: single, couple, family and divorced.
Kevin Stevens, head of intermediary sales at Bright Grey, says: “It's quite a shock to see how the things you don't think twice about add up over a month.
“Not only does the Bright Grey calculator help put clients' monthly lifestyle spend into context, but it also helps overcome one of the greatest barriers people have when considering protection - cost.
“The online calculator shows that by cutting back on spending that normally goes below the radar, clients can save enough to buy a substantial amount of protection. And ultimately that protection could make the difference between financial stability and financial hardship.”
To find out more about Bright Grey's Life stages calculator click here.
020 7484 9791
Staying invested could prove lucrative
Consider lasting powers of attorney
Less environment, more governance threatens to undermine firms' green credentials
Evidence your compliance