The Christmas and New Year period is called the ‘silly season’ for a reason. It’s typically a time of over-indulgence and frivolity, with a measure of travel and adventure.
Unfortunately, that typically corresponds with a higher number of accidents, injuries and sadly deaths.
Statistics show that holidays can be one of the most dangerous times of the year.
The road accident and death toll commonly spikes over Easter and Christmas due to increased traffic volumes, congestion, fatigue and people driving in unfamiliar territory, not to mention a higher number of people driving under the influence.
The summer break is also an exceptionally busy period for ambulance services and hospital emergency rooms.
It is therefore an ideal time for advisers to talk to clients about their personal protection insurances to ensure they’re adequately covered before heading merrily into 2017.
This may seem more pertinent for clients who are planning to travel, but it’s important too for those staying home.
During the holidays, the risk of injury and death from accidents at home is heightened because people entertain more and do household chores they wouldn’t normally do, for example, clearing gutters, pruning trees, shifting furniture and painting. This type of strenuous activity may involve climbing on ladders and using dangerous tools and equipment.
While advisers can’t stop people from renovating their home or going on holidays, they can remind them that they may be exposed to greater risk at this time of the year, which is why it’s prudent to review their insurance needs and cover.
Many people believe they are adequately covered, when in reality they’re not.
For example, industry super fund members generally only have a low level of life, income protection and total and permanent disability (TPD) cover with limited terms and conditions. Group life insurance in super usually only provides for $100,000 to $200,000 in cover but research by the Financial Services Council estimates full-time workers on average earnings (currently around $50,000 per annum) with dependents require at least $500,000 to $650,000 in cover.
What can advisers learn from travel agents?
Travel agents tend to be diligent and proactive in encouraging customers to buy travel and medical insurance before embarking on a holiday.
They understand the benefits of insurance because they’ve seen things go wrong many times.
Similarly, advisers have a unique opportunity at this time of the year, and indeed ahead of any holiday period, to review their clients’ needs and circumstances, and ensure the right type and level of cover is in place.
They can reaffirm the benefits of personal protection insurance.
Advisers can give clients the peace of knowing that if they get sick or injured while on holidays or unexpectedly pass away, they and their loved ones will be protected.
Despite the cost, that confidence and certainty is priceless.
Tony Schiavello is ClearView wealth state manager for Victoria and Tasmania
Whilst understanding the fears and obvious outcomes of alcohol and drug related accidents, and the article is fair to bring it our clients minds. i just get the feeling that this is a little like ambulance chasing, and that may be how it can come across to our clients if you go in there laden with gloom and doom.
Yes we need to keep clients informed of the potential hazards, but, I think Daniel hit the nail on the head, but i think we need to do it succinctly
Tony spot on your article is timely and we as advisers must promote the insurance benefits and what they would mean in the event of a claim
We cannot give back their health or life but we can offer financial stability when needed most!
Ciao
You have hit the nail right on the head Tony. This is called the ‘silly season’, and there will be serious injury and deaths, and there is a possibility that it could be a client of yours.
Five months ago, I predicted that there would be 300 people killed on Victoria’s roads (up from 254 in 2015), and the total currently stands at 278.
Sadly, four families are burying their loved ones this week after the last 5 days of disaster on Victoria’s roads. They should have been preparing to enjoy Christmas with them…
I’m fearful that in the next 17 days of December there will be 22 deaths on Victoria’s roads because we WILL reach 300 and this is such a tragedy.
For every person killed on our roads, 18 are seriously injured, so take notice of the timely message from Tony, and look to the security of your clients by protecting their ‘risk’, and do it now.
Your car crash doesn’t have a due date attached, and neither does your clients.