Practical Protection Podcast: State of the Nation

This week, myself and Roy McLoughlin are joined by Jeff Woods from Legal & General, to talk about their State of the Nation report. We talk through the insights that the report gives, how SME businesses are and aren’t engaging with protection insurance and we discuss the findings that only 18% of businesses have life insurance in place, to cover the loss of a shareholder.

Some of the key areas that we cover are business vulnerability, the impact of Covid, the need for advice and how businesses can plan for the future by using things such as business and group protection policies.

The report shows that 75% of businesses have not heard about relevant life insurance or executive income protection, and 84% would like to know more about it, so it’s definitely worth having these conversations with your relevant clients.

Another interesting finding was that 72% of businesses are willing to spend £50 or more per month on cover, over half are willing to spend over £250 per month, and over a quarter willing to spend over £2k per month.

Personally, I like to hear stories rather than statistics, but the report is very interesting and is a good way to build confidence when approaching these topics with your clients.

You can listen to the episode at https://practical-protection.co.uk/state-of-the-nation/.

Next time I have Matt Rann back with me and we are going to be talking about alcohol and insurance.

Don’t forget to claim your CPD certificate once you have listened to this episode: https://practical-protection.co.uk/claim-your-cpd/.

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.