Following his popular Assembly debut in February, Jon Hall returns to finish his exploration of protection essentials at 1pm on Wednesday 2 April 2025.
And this time it’s the essentials of business protection that the Scottish Widows’ protection expert will be focusing on.
And with good reason.
A Swiss Re report in 2024 claimed that of almost 1.4 million new protection policies sold in the UK in 2023, just 2.8% were related to business protection and relevant life policies [1]. And in a country where 99.8% of the 5.6 million privately owned businesses are SMEs – that’s according to the UK Government data – it doesn’t half seem like there’s a BIG business protection gap in the UK. (The source of those stats, you ask? See below.)
The chances are you’ll have business owners among your clients. And plenty of you run your own businesses as outsourced and freelance paraplanners.
So what happens when someone running a business becomes critically ill or dies? What steps can you take to address the risk? How do you start a conversation about business protection?
Tune in to hear Jon as he shares his expertise on:
- The business protection gap and what this means for SMEs
- How to start meaningful conversations with business owners about their protection needs
- Technically, what’s essential for robust business continuity planning?
- The range of solutions available – from key person and loan protection to shareholder protection and relevant life cover
- What’s the difference between shareholder and option agreements?
- What’s the role of trusts as part of business protection arrangements?
- Tax and efficiencies for businesses and individuals
Whether you want to develop your knowledge or make sure clients with business have the right plans in place, you’ll find this Assembly really valuable.
PS.
Shortly after the event, Jon popped over to The Big Tent and answered questions that paraplanners had raised during the gathering, but he hadn’t had time to answer live, in a dedicated thread. Be sure to take a look at his responses.
[1] The Business Protection Opportunity.
Do you find that, even though you spend each and every day working on financial plans for clients, you hardly ever get mixed up in protection?
Well you’re not alone. Because despite being a foundational long-term financial security, for paraplanners, the topic of protection often takes a back seat compared to consideration of investment and retirement strategies.
Which invites the question: what happens to that carefully crafted financial plan if a client’s income falls or they’re faced with the financial consequences of a bout of serious illness or worse?
In other words, what does every self-respecting paraplanner need to know to make sure their clients plans don’t unravel when the unexpected happens unexpectedly?
Protection: get up to speed
To find out tune into the recording of this Assembly held online on 5 February 2025 when Jon Hall, protection specialist at Scottish Widows, joined us to explore protection essentials for paraplanners.
Whether you’re new to protection or need a refresher, the recording of this session will help you understand:
- Why protection deserves a place in holistic financial planning (and how to make the case for it)
- Current trends in the protection market and how to tackle common misconceptions
- The fundamentals: from product types and processes to remuneration options
- Practical tools and technology that can help you research and recommend solutions
What you’ll discover when you tune in
Jon brings real-world experience as both a protection specialist and former adviser focusing on high-net-worth and complex cases. He shares insights on how paraplanners can help build protection into the advice process, even in firms where it hasn’t traditionally been a focus.
Straight after the event, Jon popped over to The Big Tent and created a thread where he answered questions that paraplanners had raised during the gathering but he hadn’t had time to answer live. Be sure to take a look at his responses.
Think of this as your Paraplanners Protection Toolkit, perfect for:
Anyone with limited protection experience Anyone who wants to increase their understanding and want to introduce more protection into client plans Anyone who thinks they know it all but wouldn’t mind brushing up a little
Learning objectives
In this session we covered…
- Potential protection pot-holes and how to go about troubleshooting them
- The practicalities of putting a policy on risk
- Replacement business
- Common problems and solutions
- A look at specialist areas of protection
- COBS and ICOBS
- Best practice Suitability reports
Think of this as your Paraplanners Protection Toolkit, perfect for:
Anyone with limited protection experience Anyone who wants to increase their understanding and want to introduce more protection into client plans Anyone who thinks they know it all but wouldn’t mind brushing up a little
Learning objectives
In this session we covered…
- What makes up a protection policy?
- Jargon busting – all the different types and options
- What’s the craic with Vitality?
- How much is enough and how to compromise/prioritise
- Presenting options to clients What does a good protection review look like?
Think of this as your Paraplanners Protection Toolkit, perfect for:
Anyone with limited protection experience Anyone who wants to increase their understanding and want to introduce more protection into client plans Anyone who thinks they know it all but wouldn’t mind brushing up a little
Learning objectives
In this session we covered…
- What is protection – a potted history
- Difference between assurance and insurance
- What is a life assurance company?
- What is reassurance company and where do they fit in?
- Who needs protection and why?
- The protection gap Why isn’t protection sold?
- How can paraplanners influence the inclusion of protection in a plan?
- Technical talk – what makes up a typical life policy and some jargon busting
Protection sits at the heart of many financial plans and we explore the basics.
Learning objectives
In this session we covered…
- Why is it needed
- What are the solutions
- Practical insight into policy set up
- What happens when a claim is made