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Protecting Modern Families: A Guide to Comprehensive Financial Planning

This presentation focuses on constructing a protection portfolio tailored for modern families. We explore the interaction between mortgage, personal, and business protection needs while emphasizing the importance of trusts. Through real-life client scenarios, we discuss immediate protection needs, such as life insurance, critical illness cover, and income protection. Additionally, we'll cover requirements for financial planning outcomes and how to calculate necessary covers. This educational session aims to equip you with the knowledge to safeguard your family's financial future.

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Protecting Modern Families: A Guide to Comprehensive Financial Planning

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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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