subject: Real life stories 'can highlight need for protection' [print this page] Real life stories 'can highlight need for protection'
Individuals are often encouraged to take out life insurance when they hear how protection policies have affected other people. People can be encouraged to buy products such as life insurance and critical illness cover when they are given concrete examples of why they should get protection.
Roger Edwards, proposition director for Bright Grey and Scottish Provident, told the Mortgage Strategy website that many people are unwilling to discuss what would happen to their family should they pass away or suffer a serious illness.
He noted consumers need to think about how treats like holidays and birthday presents would be paid for if a family was to lose one of its income earners.
Mr Edwards said many insurance companies have realised it is sensible to show prospective customers real-life instances of where cover has been useful.
"Providers' marketing materials often include quotes and stories from people who have gone through the claims process and experienced the benefits of taking out protection first-hand," he stated.
Last month, Paul Brooks, creative director at digital and brand architects Space01, told Money Marketing he was inspired to take out critical illness cover after seeing a participant in television show Grand Designs contract cancer.
Majority of temporary agency workers
Only five per cent of temporary agency workers have life assurance.
The vast majority of temporary agency workers do not have life insurance at their disposal.
According to research carried out by de Peol, a company that procures such labour, 95 per cent of these employees are lacking life assurance and personal accident cover.
Chief executive of de Poel Matthew Sanders said people who work in this capacity should be given more information about the importance of getting coverage.
"Workers should be made aware about the pitfalls of not having insurance and be given information about the options available to them," he stated.
Last month, Ruth Whitehead, principal for London-based independent financial adviser Ruth Whitehead Associates, told FT Adviser a lack of life insurance can leave a bereaved family facing financial hardship.
She said more women need to realise the value they have to their loved ones and take out such protection as many are currently going without it, leaving their families unprotected.
