The stories behind Income Protection Claims
One of the most positive stories during 2024 has been the increased sales of income protection. While this is welcome, we need to see more, protecting the client’s income should be the first need for a financial product for most consumers, remembering the following key reasons people need income protection:
- Every financial plan fails without an income
- You cannot pay or get a mortgage without an income
- Income protection plans should ideally go in-force as soon as the need is identified, rather than waiting until the mortgage actually starts. If the client loses their income they will not be able to afford the loan so that is a poor consumer outcome we need to protect against
Historically consumer research by the Financial Services Consumer Panel has shown that many consumers are cynical about whether Income Protection providers are actually paying out year on year. This makes case studies vital so the videos below should be an invaluable asset for advisers to demonstrate that time and time again insurers pay out year in, year out. Our library of income protection case studies has been updated to include the very latest case study from The Exeter. I would urge all advisers to watch these videos and have them to hand when talking to clients about why income protection really should be their first line of defence for financial security.
Harvey’s Story
Harvey, an Events Company Owner with a huge passion for music, spent his days rushing around, jumping on stages and spending long hours producing events. He was one of the rare few who was actually living their dream.
Harvey started getting itchy eyes and experiencing numb feet in his 30’s. Doctors recommended Harvey visited a Neurologist and after an MRI scan, he received a diagnosis that would change his life forever.
Find out how an Income Protection plan with The Exeter supported Harvey in continuing to live his dream.
Anne’s Story
Anne’s world was turned upside down when she fell and hit her head on concrete. Although initially feeling fine, after two days she woke up unable to speak. Anne was given the all clear following investigations but was told she could no longer drive. This video explains her initial concerns on whether her Income Protection plan would pay out and in response how Cirencester Friendly have gone above and beyond to not only support her, but her son as well.
Mike and Michelle’s story
Mike was living day to day in his overdraft when a mountain biking accident left him paralysed. His one memory from the time was his concern over what his life would be like going forwards. Luckily his Openwork adviser had set him up with an Income PRotection plan and in this video he explains how the policy “saved his life”.
Marc’s Story
When Marc, a self-employed builder, ran to catch a train, he wasn’t expecting to injure himself and have to stop working.
Thankfully, the dad of two had an income protection policy with The Exeter, meaning he had access to valuable financial support.
Since his original injury, Marc has suffered from ongoing knee problems and has been unable to return to his previous occupation. With Marc wanting to return to work The Exeter have helped support him as he re-trains to start a new career as a surveyor.
Watch Marc’s story to find out how income protection has helped him and his family.
Alia’s Story
Alia’s story is a powerful example of the life changing impact that income protection can have and the importance of the rehabilitation support services that many insurers now offer. There is much to take away from this story and we hope advisers will use this and other examples in their conversations with clients, to highlight just how important income protection insurance is.
It could be you
Each year 1 million people in the UK find themselves unable to work due to a serious illness or injury (source: moneyadviceservice.co.uk). Just think about that shocking statistic for one moment. This powerful video reminds us of the need for income protection by highlighting some of the stories from the hugely successful 7Families campaign that supported families who had lost their income due life changing illnesses or accidents.
Emily’s Story
Emily works in public relations helping to raise funds to provide vital support to people affected by breast cancer. A couple of months after her son was born she suffered from chronic nerve pain and debilitating fatigue and her health changed overnight. In this video she explains the strain this put on her family and her attempts to return to work, how she was able to claim on her group income protection policy with Aviva and how they helped find her diagnosis and support her back into work.
7Families – The role of a case manager
This video revisits the 7Families initiative and explores the impact that case managers had on the families involved. The families explain how their case manager worked with them and the support that was provided in their journey since suffering ill health.
Regular readers of Protection Guru will understand that modern protection plans offer so much more than just a financial pay out. Our next story looks at how a client benefited from Holloway Friendly’s added value benefit services which aided her recovery and helped obtain treatment far quicker than she might have been able via the NHS.
Diana’s Story
“You never know what’s going to happen in life that affects your ability to earn”. Words Diana’s financial adviser said when recommending income Protection. Unfortunately, not too long later, Diana suffered a serious bout of stress due to her father’s health and ongoing responsibilities at work. Income protection from Holloway Friendly helped Diana receive a proper diagnosis, formal treatment plan, ongoing therapy and an income to help cover her mortgage repayments.
7Families – Mental Health Film
This video picks up with some of the families supported by the 7Families initiative launched in 2014. It revists the Pickford’s, the Clarke’s and Nikki to highlight their stories and the support that the industry was able to provide and the impact this had on their lives.
The above stories are prime examples of scenarios that happen within the protection industry on a daily basis. Providers want to pay claims, indeed no insurer will decline a valid claim. There is now an abundance of claims statistics made available by providers. These, combined with claims stories from real life claimants, can paint a powerful picture. If the industry as a whole is able to produce more stories like these we can go a long way to changing the views of consumers and give more confidence in the products that can literally be a lifeline in the direst of circumstances.
If insurers have any other income protection claims videos they would like us to share via this page please get in contact.
