Industry interview

Marius van Wyk, an independent adviser from Western Cape, has been one of FMI’s top performers. He has more than 13 years of experience in the insurance industry and has seen the growing number of clients who realise the benefits of especially temporary income protection. How do clients react when you bring up the topic of ‘income protection’ especially when it comes to disability? Clients are mostly very open to discuss this issue and most of them are unaware of the products available when it comes to temporary disability cover. I think the reason for this is that Financial Advisers themselves do not realise the fact that, I would say, 80% of the population are not catered for when it comes to income protection and temporary disability cover. Having said that, I have seen a change in the mind set of Financial Advisers and there is a definite upswing in awareness about this type of cover for small business owners Does FMI’s different approach to protection cover make it easier for you to sell income protection? FMI’s individual approach to clients and their focus on a niche market helps me to do business.  Their products are excellent and their pay-out stats speak volumes.  Their flexibility allows one to offer a better product to clients. What advice can you give other Financial Advisers on adding income protection to their clients’ portfolios? Clients are actually more interested than one might think. I have approached my existing clients first and initiated the conversation around updating their portfolios. Once they hear of the amazing benefit of being able to have an immediate income in case of being temporary disabled, they engage in the conversation and ask a lot of questions.