Income Protection

Customer profiles

We have recently undertaken segmentation analysis of our Income Protection (IP) customer base. There is a broad cross section of customer types within the base, but the most common types of profile we have are:

Young couples & families, 25 year old females, 30 year old males, on average incomes of £20 / £25k per annum.
Young couples & families, 20 year old females, 25 year old males, on modest incomes of £15 / £20k per annum.
Young singles, lower incomes of £15 / £20k per annum.

What sales opportunities does this information present?

Wider profiling shows that these customer groups predominantly buy Life Cover and tend not to focus on other Protection Menu products. However, because these customer types also form the most common segments of our IP customer base it suggests a protection gap might exist for Income Protection Cover.

Given the life stage these customers are at, there are a number of relevant questions you can ask to determine whether there is a need for Income Protection Cover and thereby maximise the sales potential of our Protection Menu:

  • How long will your employer pay your salary if you are off sick?
  • How long will family or friends be able to financially assist you?
  • How will you be able to keep up with monthly bills without the same level of income?
  • How long will you be able to pay your rent or mortgage without a salary?
  • Will you be able to continue making loan repayments without a regular income?

Why not arrange an appointment with your customer to review their needs against their circumstances?

Find out more about Income Protection:

  • What's in it for you and your client.... read more button
  • Contact your local Account Manager.... read more button