An accident or serious illness, stress or burnout... There are many reasons for not being able to work for a while. According to the 2022 census nearly 190,000 Irish residents were unable to work due to permanent sickness or disability. And unfortunately, many people who fall ill can no longer pay their regular household costs and experience financial difficulties. Your client is more likely to need to claim off an Income Protection policy than any other term policy.
In this edition of Protection Insider we take a deep dive into Income Protection. We’ll explore Zurich’s recent claims experience, discuss how to talk to clients about income protection, identify why income protection is especially important for self-employed customers and more.
Income Protection isn’t always an easy story to tell your clients. It’s only natural that many clients will prefer to shy away from thinking of scenarios in which they get sick or disabled.
What many don’t realise is that they are more likely to need to claim off an Income Protection policy than any other term policy. It’s there not only to protect the big things, but to make sure your clients can continue to enjoy the lifestyle they are used to.
We have prepared a flyer that will provide your clients with answers to the most common reasons why they may believe that they do not need Income Protection.
While Zurich’s most recent Income Protection plan is relatively new, we’ve been paying IP claims for 40 years. In 2022 we dealt with over 360 individual claimants, and we are currently paying almost € 9 million annually in claims.
One of our strengths is our ‘Early Intervention and Rehabilitation’ programme, which may help your clients get back on their feet faster and return to a normal way of life. And if a client returns to work on a reduced salary whether in the same occupation or an alternative occupation they may be eligible for a proportionate benefit payment.
For more information about our claims experience, download our article below.
Any Income Protection is better than no Income Protection. Why not ask your clients how much they'd be willing to spend on Income Protection and take it from there?
Income Protection is one of the most flexible protection products in terms of budgeting. To lower the premium, you could extend the deferred period, reduce the monthly benefits, remove indexation, or shorten the duration of the contract.
It may be worthwhile to run a few quotes to provide your client with a few options.
While working for yourself provides freedom and flexibility, it does not provide financial security. With limited access to state benefits, a strong Income Protection policy is indispensable.
Zurich’s Online Apply incorporates a seamless digital consent facility into the application process. Ideally suited to our new way of working, the application can be completed online from start to finish.
Most clients will find the process of approving the application intuitive. However for any client who might need some guidance, we've put together the attached flyer including screenshots.
As you know, capturing your clients data before you begin the online application is essential. We've put together a simple data capture form that you can use. Note - this does not need to be uploaded/sent to Zurich.
Zurich Life Assurance plc Zurich House, Frascati Road, Blackrock, Co. Dublin, A94 X9Y3, Ireland. Telephone: 01 283 1301 Fax: 01 283 1578 Website: www.zurich.ie Zurich Life Assurance plc is regulated by the Central Bank of Ireland.
