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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

Competency Certificate Courses