Practical Protection Podcast: High Net Worth

Hi everyone. The last episode was an inbetweenysode, I was joined by Stacy Penn, to talk all about the AMI Protection Viewpoint. You can catch up on the Practical Protection Podcast if you missed it.

For this episode, I am joined once again by Matt Rann. This time we’re talking about high net worth protection insurance. Matt explains what is meant by high net worth protection, with it usually being a policy with a value of over £1 million. These are often associated with a high net worth clients, but high net worth clients don’t always need a large protection insurance policy.

We often see advisers who will specifically deal with these high net worth clients or policies, and many insurers will also have a dedicated in-house team too. We’ve found that when there's a policy of this value, there’s usually quite high expectations of the application process.

IHT and gift planning might come up when arranging these types of policies, and one thing to keep an eye out for is gifting any possible payouts for terminal illness on a policy which has been arranged for the purposes of IHT of gift planning.

Listen to the episode here: https://practical-protection.co.uk/episode-6-high-net-worth/

Martin Stewart from the London Money group is here with us for the next episode. We’re discussing the mortgage market, why protection insurance is more important than ever. Martin also has an important question, why do we need the FCA Consumer Duty principle, shouldn’t we all have been doing these things already?

If you would like to learn more about how to arrange protection insurance, take a look at my Protection Insurance in Practice course. I now also have a protection competency exam. This can be sat online at a time and place that suits you. It is purely protection and gives you the opportunity to have personalised feedback on areas for you to do a bit more studying on.

If you’re listening to this as part of your work, you can claim a CPD certificate. These are now accredited by CPD UK, through our sponsor Octo Members.

Once you have listened to the episode, don’t forget to claim your certificate here: https://practical-protection.co.uk/claim-your-cpd/

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