For a customer to buy into the concept, they must first understand why they need to buy it, and the potential difficulties their family will experience.

If this important step is not covered, then delays in the process are a very real possibility.

I am not talking about the very old-fashioned view of ‘disturbing’ your clients, but having a thorough logical conversation, led by your clients, that covers their underlying concerns and their overall family and personal ambitions.

In my view, the modern adviser should not only be helping to create wealth with their clients but also financial happiness and wellbeing – in effect provide some financial life coaching.

The most important thing to consider is that you cannot tell by looking at your clients when they are going to die or suffer a critical illness.

There are many reasons that clients will give for not taking out any form of protection, such as: “I feel fine.” “I don’t need it at the moment.” “I don’t want to pay into something that I might not ever use.”

One of the more worrying reasons I hear regularly is: “My family will look after the kids if anything happens to me.”

Now, I have no doubt that this is exactly what would happen; a grandchild, niece or nephew would, hopefully, be instantly taken in. However, there are some practical things to consider: 

• The extra costs involved for those family members 
• The complete change in lifestyle that would result
•  And, in the case of grandparents, how long they are going to be active enough to take them to school, take them on holidays, pay for uniforms and further education.

There is a huge financial burden that goes hand in hand with this and very much needs further thought on behalf of the parents.

There is a lot more we could cover in this space

It is fair to say that financial advice in these circumstances is an educational piece as much as it is a protection exercise.

It is vital to take your client fully on the journey with you and to ensure they see the benefits of the advice – and what protection really offers them – and to demonstrate how that fully considers their preferences.

If they invest their own thoughts, preferences and feelings into the process, then they are unlikely to look elsewhere for a transaction as they will see you as the trusted adviser in their financial lives.

John Somerville is head of regulatory relationships at The London Institute of Banking & Finance