Information about this course:

Financial Planning and the need for Life Assurance

  • Understand the need for financial planning, why customers buy life insurance and how insurance companies provide savings and protection products to meet those needs.
  • Understand the role of financial advisors in providing life assurance as a solution to clients’ needs.
  • Understand the need for life assurance protection plans and their application to the various life stages.

Protection products and their uses

  • Understand the features of the following protection products:
    • Term Assurance
    • Whole of Life Assurance
    • Convertible Term Assurance
    • Mortgage Protection Assurance
    • Credit Insurance
    • Critical Illness
    • Income Protection
  • Understand how life assurance products are used as savings plan; introduce the different types of savings products (with profits, unit-linked) and how they work.

Types of investments and their suitability

  • Know the features of the following savings and investment products:
    • deposit savings accounts, government securities, gilts, fixed-interest investments;
    • equity: quoted and unquoted, ordinary and preference;
    • collective investments: investment trusts, unit trusts, open-ended investment companies (OEICs); investment bonds; corporate bonds; structured products, including protected equity bonds;
    • property: direct and indirect, residential and commercial;
    • Sharia’a compliant products.
  • Understand the relationship between the client’s risk tolerance and the real level of return
  • Know the suitability factors in the choice of savings and investment products

Prospecting and creating sales opportunities

  • Understand the financial planning requirements and constraints at each of the typical life stages and know how to apply this knowledge to create sales opportunities.
    • prospecting and target selection
    • approaching target
    • awareness creation
    • obtaining the interview
  • Know how to conduct a fact-finding interview
    • active listening
    • building trust during fact finding
    • getting the correct and relevant information
    • Influence of non-verbal communication

Needs analysis and Solution Recommendation

  • understand how a customer’s profile is affected by: marital and family status, employment status, regular income and accumulated capital, financial commitments, attitude to risk
  • understand the financial planning requirements and constraints of the customer
  • describe the main features of the savings products offered by the Bank, its benefits and advantages for the customer
  • matching and tailoring the Bank’s products to satisfy the customer’ needs
  • know the terms and conditions and how to bring them to the attention of the customer
  • be aware of the rating method and how the premium is calculated

Product Recommendation and Objection Handling and Fulfillment

  • Know how to prepare a written recommendation for the product as per the Bank’s processes and formats
  • Be able to explain the recommendation and why it has been selected
  • Be able to explain all the material facts to the customer including the risk and reward balance, policy charges, right of cancellation, complaints policy etc.
  • Know the common reasons why customers may raise objections when presented with life assurance proposals: (financial; need; trust; priority; ethical)
  • how to handle objections for each type raised by the prospective customer with specific reference to the Bank’s products where applicable
  • Know how to communicate with the customer during the objection phase
  • Understand the importance of the proposal form and its significance in the contract of insurance
  • Know how to explain to the customer the importance of disclosing material facts and the consequences of non-disclosure
  • Know the Bank’s organizational steps in fulfilling the sales order

Ethics, conduct and tips for successful selling

  • Ethics and business conduct in life assurance sales
  • Final words of advice for beginners in life assurance sales.