Protection  

Six things that will change the protection industry

    CPD
    Approx.30min

    Opportunity knocks

    Not wasting the protection opportunity given by the onset of auto-enrolment was the topic explored by IFA Roy McLoughlin of Master Adviser.

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    During his presentation, Mr McLoughlin stated that according to the National Employment Savings Trust 90 per cent of companies need advice on auto-enrolment, which provides a huge opportunity for advisers to talk to them about the protection risks they face.

    According to research from Zurich, 59 per cent of limited companies have no key person protection and 61 per cent of limited companies have no share protection in place.

    As well as the opportunity to advise employers on their business protection needs, Mr McLoughlin also stated his case for greater education being needed around sick pay benefits, to ensure that employees have a true understanding of the provision they are entitled to, leaving them better able to plug any gaps.

    In response, the Association of British Insurers stated it is developing a workplace statement that will allow employers to tell employees exactly what sickness benefits they would be entitled to, enabling people to better understand any financial weaknesses they may have.

    Kevin Carr is chief executive of Protection Review

    CPD
    Approx.30min

    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. What idea is the government floating to address people taking more responsibility for their affairs?

    2. What level of commission did Mike Ward say advisers should receive in order for the market to grow?

    3. Which type of technology did Guy Williams say the UK protection market would adopt in the coming years?

    4. According to Nest, what percentage of companies need advice on auto enrolment?

    5. According to Zurich what percentage of companies have no key person protection cover in place?

    6. Which trade body is developing a workplace statement, to help employees better understand sickness benefits?

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