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Guide to protection

Published by FTAdviser | Feb 15, 2012

Protection is the bedrock of financial planning, so it should form part of the discussion with your clients from the earliest stage possible.

This guide looks at the array of policies on offer, when to tackle the subject of protection and how to address any objections to obtaining cover now.

Answers supplied by Simon Wilkins, protection proposition manager of Zurich UK Life, Jennifer Gilchrist, senior product development manager of Bright Grey and Scottish Provident, Louise Colley, head of protection marketing at Aviva.

  1. Q: What is assurance and insurance?

    Assurance is protection against something that will definitely happen, while insurance is protection against something that might happen.

  2. Q: What are the different types of protection policy?

    Policy types are many and varied, but the core areas of family protection are life insurance, critical illness cover and income protection.

  3. Q: What are the pros and cons of protection policies?

    The customer needs will be taken into account when deciding what type of cover is relevant.

  4. Q: How do I highlight the need for protection?

    The value of planning for the unexpected cannot be underestimated.

  5. Q: When should I talk about protection?

    Protection should be seen as the foundation for all financial planning as it underpins wealth management, retirement and mortgage advice.

  6. Q: How should I address objections?

    It is human nature to raise any number of reasons not to spend money on something that isn’t tangible and appears to offer no immediate benefit.

  7. Q: How can I make sure I pick the right policy?

    It is really about knowing a client and their needs.

  8. Q: How can cover be obtained quickly?

    Make sure your client fills in the application form completely and fully to the best of their knowledge and that they are happy for you to proceed.

  9. Q: How long should it take to get the policy in place?

    Some plans go on risk as soon as they have been submitted over the internet.

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