Quilter and Legal & General have developed a protection tool for financial advisers.
The tool called ‘What are the Chances’, which was launched this week, allows Quilter advisers to “introduce clients to the concept of risk” and show them how exposed they could be if they have no, or limited, protection in place.
Users input their gender, age, smoking status, retirement age aspirations and their attitude to risk into the tool, which then calculates what the chances are of someone needing to spend a month off work, suffering a serious illness or dying prior to retirement age.
It has been designed for Quilter advisers incorporating unique questions to help them have meaningful conversations with clients and introduce the concept of managing risk.
Engaging protection conversations
“Protection is one of the most emotive parts of financial services and many clients find it difficult to contemplate how they or their family could manage if they fell seriously ill or passed away and therefore understandably choose to shy away from the conversation,” said Charlotte Nixon, proposition director at Quilter Financial Planning.
“The tool we have developed with L&G gives advisers the ability to illustrate to their clients in tangible figures the risks they and their family could face and give them tailored protection solutions, which suit their risk appetite.”
Craig Brown, director of intermediary insurance at Legal & General, added: “This is a great tool to help Quilter advisers bring to life the potential likelihood of life events occurring that may lead to a protection claim, which will hopefully help advisers have even more engaging protection conversations with clients.”
