Practical Protection Podcast – S5 Ep 2-5

Episode 2 – 30mins CPD

Episode 3 – 35mins CPD

Episode 4 – 50mins CPD

Episode 5 – 35mins CPD

 

Hi everyone, for the previous episode I was joined by Peter Hamilton and Roy McLoughlin. We spoke about the room for improvement within the protection insurance industry, and where there may be key focuses within the next year.

We’re bringing something a little different to you this week. From Monday 31st January to Friday 4th February, we will be launching an episode each day, with a live webinar on Friday, focusing on Mental Health in Life Insurance. We will be taking a deep dive into all things mental health and protection insurance. I will be joined by a number of experts, and topics include how mental health and insurance mix, why you might need protection insurance and how to get it, why insurers make their decisions and what happens if you need to claim on your policy.

 

Starting with Lynn Beattie aka Mrs Mummypenny on Day 1, We talk about how mental health may impact your application, and that it can be confusing for everybody. The relief from knowing you have insurance in place is second to none.

I’m joined by Neal Cross from MoneySupermarket, Phil Jeynes from Reassured and Alan Knowles from Cura Financial Services for Day 2. We talk about how to get insurance, and leave all judgements behind whilst discussing comparison sites, advised and non advised routes.

For Day 3, I am speaking with Lisa Balboa from Hannover Re and Fraser Ballantine from Zurich, it’s not often that you have an adviser, actuary and underwriter all sat together discussing insurance. The topic of this episode is all about how insurers come up with the prices that they offer, and we give an example of how mental health could make premiums increase.

On Day 4, Vanessa Sallows from Legal & General and Monica Garcia from Monica Garcia Consulting will join me. We focus on the mental health support available for policyholders, before, during and after a claim is made.

 

The webinar will be available to listen to on demand, keep an eye out for that on our twitter and facebook pages.

 

Key takeaways from the week:

  • Even for someone that works within the industry, applying for insurance is complicated, the wording can be confusing and knowing where to turn to for help is difficult.
  • Insurers look at broad population studies to understand how certain circumstances influence a person’s chance of being seriously ill or dying. This is used to make a lot of their decisions, but they will also do what they can to listen to individual circumstances.
  • Some people worry about how much mental health can affect their insurance application, and they might not always feel comfortable talking about their medical history.
  • A lot of insurers now often include extra support services with their policies e.g. mental health support lines, access to remote GPs, fitness and nutrition plans.
  • Mental health causes a large amount of income protection claims and insurers partner with specialist firms to help people that are struggling to work.

 

Listen to Episode 2 from Day 1 here >>

 

If you want to know more about how to arrange protection insurance, take a look at my new Protection Insurance in Practice course here.

Don’t forget to claim your CPD certificate once you have listened to this episode >>

Our certificates are accredited by CPD UK, through our sponsor Octo Members.

Please don’t worry if your work systems are not keen on the CPD form (it’s a google form). Contact me on social media or through the website and I will be able to issue the certificate directly to you.

Kathryn Knowles, Managing Director, Cura Financial Services Ltd