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Parental protection

Parental protection. Learning objectives Constructing a protection portfolio for a modern family Interaction of mortgage, personal and business needs Importance of trusts. Agenda “A modern family” Client scenario Additional needs Calculating covers required

leonard-rowe
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Parental protection

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  1. Parental protection

  2. Learning objectives • Constructing a protection portfolio for a modern family • Interaction of mortgage, personal and business needs • Importance of trusts

  3. Agenda • “A modern family” • Client scenario • Additional needs • Calculating covers required • Financial planning outcome

  4. Agenda • “A modern family” • Client scenario • Additional needs • Calculating covers required • Financial planning outcome

  5. A modern family’s protection needs

  6. A modern family's relationship In first 10 yrs Divorces Average age 50% 118,140 45 m 42 f 48% 42% 1 child < 16 yrs Current divorce rate in UK • Source: http://www.ons.gov.uk/ons/search/index.html?newquery=divorce Apr 2014

  7. A modern family’s business • Source: www.ons.gov.uk/ons/rel/regional-trends/area-based-analysis/births-and-deaths-of-enterprises-in-local-enterprise-partnerships--2004-11/sty-business-enterprise-closure-rates.html

  8. FOS-protecting a modern family’s needs 906 critical illness complaints 1439 income protection Source: Annual Review of customer complaints – Financial Year 2013 / 2014 Pages 47 / 48 Financial Ombudsman Service Limited, May 2014

  9. Agenda • “A modern family” • Client scenario • Calculating covers required • Additional needs • Financial planning outcome

  10. Client scenario The name: MED.net is used here as a purely fictional UK based company as part of a case study example. It is not to be confused with any other company, organisation or legal entity.

  11. Immediate protection needs • Mortgage protection cover of say life, critical illness, income protection etc-but do they have any other needs?

  12. Agenda • “A modern family” • Client scenario • Additional needs • Calculating covers required • Financial planning outcome

  13. Fact find qualification

  14. Agenda • “A modern family” • Client scenario • Additional needs • Calculating covers required • Financial planning outcome

  15. Calculating covers required • Qualify target sums for all the required areas • Review existing plans & employee benefits ...fit for purpose? • Net off as appropriate • Resulting covers required • Subject to Paul & Linda’s budget and priorities

  16. Budget planner

  17. Mortgage protection options

  18. Family protection

  19. Family protection

  20. A trust is a way of holding property for the benefit of another without giving them full and immediate control over it What is a trust? Life Policy Who is to benefit? Trust Rules and regulations Est. Circa 1150ad Legal Arrangemengt Who is to look after the trust?

  21. MED.net business protection

  22. Agenda • “A modern family” • Client scenario • Additional needs • Calculating covers required • Financial planning outcome

  23. Financial planning outcome • Mortgage Protection - repayment of mortgage • Personal protection - continuity of income • Personal protection - continuity of income for son from previous marriage • Business protection • Removal of potential claim on family home • Sole control for surviving shareholder/fair value for share of business.

  24. Learning objectives • Constructing a protection portfolio for a modern family • Interaction of mortgage, personal and business needs • Importance of trusts

  25. “Knowledge is of no value unless you put it into practice.” Anton Chekhov Thank you for your time

  26. Handset questions • Question 1: • What is the main type of protection business you are engaged in? • (i) Family & mortgage • (ii) Business • (iii) IHT • (iv) All of the above

  27. Handset questions • Question 2: • Would you like a Friends Life Account Manager to contact you regarding the support available? • (i) Yes • (ii) No

  28. Handset questions • Question 3 – Please rate the: • Quality of presentation 1-9

  29. Handset questions • Question 4 – Please rate the: • Value to your business 1-9

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