Income Protection 2012 By Hoskin Financial
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Transcript of Income Protection 2012 By Hoskin Financial
![Page 1: Income Protection 2012 By Hoskin Financial](https://reader030.fdocument.pub/reader030/viewer/2022020218/559845961a28ab14078b458d/html5/thumbnails/1.jpg)
Income Replacement
1
Paul Hoskin
Hoskin Financial Planning
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What do clients currently insure?
23%
61% 63%
71%
20%
78%
Alien abduction?
Loss of income 9.4%
40,000
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The Reality Check
How would you support yourself
if you were unable work
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Reality check:
It is estimated that the average person’s
savings is £2040 as at the end of Q2 2012.
It may sound like a large amount to some
clients but £2040 is only 46 days worth of
savings.
If your clients were unable to work for six
months due to ill health it would leave most
people short on savings*
Source ING Consumer Savings Monitor Q2 2012
*based on average income / 1.3 x average take home pay
Savings?
What’s more 27% of Britons have
no savings whatsoever
Source: ING Consumer Savings Monitor
Q4 2011
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6
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In the Press…
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The plugLoss of income…
Pension would stop…
Use their savings…
Can’t pay the mortgage…lose their home
Life goes down the plughole…
• A plug to stop that happening
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Claims statistics
Source: LV= Income Protection Claims Statistics 2010/2011 21121512
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Which jobImagine you were made redundant & looking for a new job
You saw an advert in the paper for 2 positions
Both jobs are ideal with exactly the same packages
Except for ONE thing
Job A pays around £35,000pa
Job B pays £34,600 plus,
if you were sick, 60% salary
until you got better or retired.
….which would you take?
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The vicious circle
Income not
protected
You fall ill / injure yourself
You take time off to recover
Debts increase / credit rating being
affectedYou return to work too soon
You work too hard to catch up on
workload or to recoup lost income
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‘G’ day…no sex please we’re European
12
From 21 December 2012 insurance will cost the same for
males and females…
The cost of protection is set to
change
Change
=
Opportunity
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The Combined Impact of Gender and I minus E
Males Females
Product Currently… The impact of Gender and I minus E ?
Income Protection
Women pay 65% more than men
Combined Critical Illness
Men pay 10% more than women*
TermMen pay 20% more than women
Underwritten Whole of life
Men pay 20% more than women
From 21 December
+20% -28%
+ 6%
+ 3%
+ 2%
+16%
+22%
+20%
* In some cases, women pay more than men
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Any
Questions?