2019 PROTECTION AT THE AMEX COMMUNITY STADIUM.
EVENT: FPG Protection Event
WHEN: 13th March 2019 9.30 am to 2 pm, AMEX Community Stadium, Brighton.
HOURS: 4 hours of relevant “insurance” CPD
Networking interaction with 5 insurance partners and our own Compliance department. 121 discussions with protection BDMs to discuss specific USPs, criteria or individual cases.
The Importance of Protection, by Dan Maskell, MD of FPG
Knowledge is power, know your numbers and an understanding of our best practice standards for protection penetration. Having a protection process is key and an introduction to the protection “7 point process”.
IG presentation, by Rebecca Brockhurst
Instant Life Cover – the application can now be handed off to a client, not just for clean health cases, 7 simple life questions which doesn’t include family history of diabetes, must de-select ‘waiver’ when quoting or the product won’t pull through to sourcing results.
Guaranteed Over 50s Plan – a average cost of a funeral in the South East costs circa £4k, Best Doctors included, two-year moratorium, ages 50 to 85 at outset, includes
‘protected benefit’ where 50 of the chosen sum assured is locked-in in you pay at least 50% of premiums to age 90 and then cease payments.
CPD Academy – by the year end there will be 15 hours of online insurance CPD (webinars, etc) to help with new requirements.
LV presentation, by Mark Titcombe
Risk Reality Calculator – it’s proven to increase to protection sales so please use it with all clients, it covers %age changes of risk of death, serious illness, being off work and then the likelihood of at least one of these happening. financeplanninggroup.riskreality.co.uk/
Fastway – a reflexive underwriting questioning tool to drill down on medical conditions to reduce the need for medical reports.
Pre-Underwriting Tool – gives indicative decisions on many illnesses before you apply
Personal Sick Pay (PSP) product – an age costed version of PHI ideally suited to clients with riskier jobs as their occupation is not risk rated, long term or budget cover, waiting periods of 1 day to 1 year, speak to all self-employed about this as 4/10 of them believe the are not eligible for this type of cover
L&G G.I. presentation, by Scott McLoughlin
G.I. Connect – can now be used for all B&C and Lifestyle quoting so please cease GIology.
Smart Quote – only one question (claims in last 5 years) to ask the client as we’ll know their personal information already, two differently costed product outcomes, it has increased benefits to those provided by HIC, you can add in cover for bicycles and high- risk items.
Smart Claims – at claim stage policyholders are now provided with the opportunity to claim by verbal or text conversation, claims being paid out much quicker.
Zurich presentation, by Paul McDowell
Lifestyle Underwriting – clarification and background regarding smokers, vapers and alcohol.
Type 2 Diabetes – Only known insurer to consider this condition for CIC, possible exclusions on the CIC Select product though.
Delays and Chasing Cases – 30 minutes holding time to head office, so please use Paul or Layla, or email for a 24-hour response.
The Exeter presentation, by Juliette Meads
Income Protection – two products (Income One Plus for white collar and Pure Protection Plus for blue collar), day 1 to week 52 deferred periods, 2 year or 5 year or full-term
products, own occupation for all applicants, premiums are either level guaranteed, age costed guaranteed or age costed reviewable, self employed can guarantee minimum pay-outs by evidencing their income at outset.
Life Cover – Managed Life – cover for type 2 diabetics and high BMI up to 48 where the individual can manage their condition to affect the premium pricing.
Life Cover – Real Life – formerly called impaired life and can cover individuals in early
cancer remission, complex heart conditions, mental health, HIV, type 1 diabetes, type 2 also, BMI up to 55. Terminal illness cover included and cover available to age 90.
Health Wise – client app, includes GP on demand, second medical opinion, physio if IPB product held, mental health support through CCBTs, lifestyle coaching and nutritional advice.
The Importance of Protection, by Phil Vincent, FPG Sales Manager
Demonstration of a new protection brochure for interaction with clients.
The need to identify what gets in the way of you writing protection. Knowledge, Attitude, Skills or Habit.
Protection must be part of the sales process, one factfind, mortgage and protection and should include basic health questions to save time later.
Quote to identified budget or to the full need but find what works for you.
Speak to sales manager ref things that may be getting in the way.
A real-life example showed the need to review client circumstances and the need for protection.