Applets are used by Advisors in PPI Toolkit Direct to create professional, straightforward presentations for clients.
Is your client considering critical illness insurance but is not completely convinced that it is necessary? The Bridging Risk applet (Advisor login required) showcases the need for critical illness insurance by presenting five risks and the likelihood that each will occur in your client’s lifetime. As each risk is mentioned, its likelihood increases until you and your client are left with “Critical Illness: a one in three chance.” It makes sense to cover the greatest risk to both income and lifestyle, so if your client is insuring their care and their home, they still have the greatest risk exposed.
After the humbling presentation of the risk that a critical illness can impose, this applet outlines the capital needs required to cover costs incurred. The financial means required for replacing lost income, covering current expenses and health recovery expenses can be calculated according to your client’s salary, mortgage payments, and other debt payments. This allows you to provide your client with tangible numbers that their critical illness insurance will cover if/when they make a claim.
The Bridging Risk presentation (Advisor login required) explains the possibility of a return of premium (ROP) on death and/or the expiry of a policy. This means that your client can use the policy as a forced savings plan, i.e., they may receive a full or partial refund of all their past premiums paid.
There are many potential risks to insure against throughout our lifetimes, but the Bridging Risk applet explains that out of all the possibilities to prepare for, critical illness is the most necessary.
Please contact your local PPI Collaboration Centre for more information.
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A critical step towards fighting critical illness