Description

Hi everyone, we are talking about value added benefits that often come with protection insurance policies. Be it access to remote GPs, second medical opinion services, mental health support or more, these extras can make an insurer really standout as a good place for your clients.

In this episode we are looking at how value added benefits work during a policy, at the point of a claim and after. Are they the new area of competition for insurers? What’s the reason behind offering them? Within the industry we can clearly see the positives of value adds, but we are often communication with consumers that are cynical of the insurance world and we should be prepared for answering challenges that we might face.

The key takeaways:

• Watch how you write up value added benefits in your recommendations, remember that they are non-contractual!
• Value added benefits can help identify issues early so that people can get treatment more quickly and hopefully stop illnesses from becoming too severe.
• These benefits can reduce strain on the NHS by giving people access to medical professionals, but don’t confuse it with private medical insurance.

Next time we have Alan Knowles joining us to do another one of his masterclasses this time on how to provide critical illness cover advice. We will be going through case studies to give you tips on how to get the best options for critical illness cover for your clients.

Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our website, thanks to our sponsors Octo Members.

If you want to know more about how to arrange protection insurance, take a look at my 13 hour CPD Protection Insurance in Practice course here and 1 hour CPD Protection Competency Exam here.