Why are added benefits so valuable for income protection customers?

Protection

Your customer has taken out the protection cover you recommended, but as time passes will they continue to value their insurance and what it really means to them and their family?

Article date: 07/02/2018

Or, will they simply start to see it as a pounds and pence entry on their bank statement?

Whatever the case, it’s worthwhile talking to your customers about the extra benefits they get with their protection cover, to make sure they see the value in their cover, beyond a claim being paid.

Types of added benefits…
Many providers offer extra benefits to their policyholders; some benefits are included as part of a customer’s cover, whilst others can be selected and added as an optional paid for extra.

In the last few years there has been a boom in terms of the number and variety of added benefits offered. Providers now offer a wide range from medical services, discounted gym membership, watches, cinema tickets and coffee, to name a few.

Whilst these all help to keep your customer’s insurance front of mind, it’s the value they create for your customer that’s key. And what sets LV= apart is that they include added benefits to complement your customer’s insurance cover at no added cost!

Take LV= Income Protection – They include fracture cover at no added cost. They’ll pay one fracture claim within a 12 month period and for multiple fractures (at the same time), they’ll pay for the fracture with the highest amount of fracture cover.

Also consider the added benefits providers include with all their protection products. For example, LV= include these added benefits for all new protection policyholders, again at no added cost.

  • LV= Doctor Services
    Access to expert medical advice and support with their Remote GP, Prescription Services and Second Opinion, via one handy app.
  • LV= Member Care Helpline
    24/7 access to a confidential, free helpline, providing expert advice on legal and financial matters, as well as healthcare support and counselling.

Make added benefits count with your customers

When you consider your customers can use many of the added benefits during the life of their policy, this helps to illustrate why they’re so valuable.

But to help your customers see the benefit, it’s probably worth reminding them what's included with their protection cover. That way, they're more likely to a) use the benefits and b) value their cover, outside of making a claim.

 

To find out more about LV= award-winning range of income protection, visit LV.com/adviser or speak to your LV= account manager.

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