With the cost of living squeeze placing a growing pressure on outgoings, protection trade bodies have warned advisers to get back in contact with their clients to avoid an uptick in cancelled policies.
Recent research suggests this has already started happening. Nearly one-fifth of advisers have reported being contacted by clients about reducing or cancelling their protection policies as a result of the cost of living crisis.
Priselac said she hasn't noticed an uptick in cancellations. "I ensure clients are getting the most preferential terms we can find, and that they feel comfortable talking about health."
She keeps in touch with clients through annual reviews, when necessary helping them through the claims process, and sign posting clients for other services they need with partners.
Priselac trained with a Leeds-based broker, building up a client bank she then went independent with in 2019. Today, she advises on life and health insurance, private medical insurance, as well as group and business protection.
“Every time I leave a family or an individual, I know that they are better protected than they were before. They won’t go through the circumstances I did,” said Priselac.
Now, following a pandemic which saw thousands of young people furloughed and go without full income for months on end, Priselac reckons there is more awareness of the importance of having fallbacks in place.
"You don't know what's round the corner. We're going through a cost-of-living crisis. Income is vital. Savings are going up and expenses are coming down."
‘Protection industry needs more training and academies’
Way More, which is made up of three employees including Priselac, is now looking for a second adviser to grow its client book.
While Priselac is fully aware there are some “fantastic advisers” out there, she is also wary of examples of poor advice or things not being done properly in the protection industry.
She cited examples such as where policies have been put in trust with the policyholder being the sole trustee, where people simply don’t understand their cover and where business protection advisers haven’t provided premium equalisation or ensured they have signed cross-option agreements.
“I think what the industry needs is more training and academies,” said Priselac.
Some advisers are trying to change this, which Priselac acknowledged.
This year, Kathryn Knowles set up an annual test to improve protection advice. And Matthew Chapman, a protection adviser for Plus Protect, has also set up his own agency to provide sales training and social media courses to protection advisers.
