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State of the Nation
Episode 928th October 2021 • The Practical Protection Podcast • Kathryn Knowles
00:00:00 00:45:50

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Hi everyone, this week we have Jeff Woods from Legal & General, talking about their State of the Nation report. Jeff, Roy McLoughlin and I talk through the insights that the report gives into how small businesses are and are not engaging with protection insurance.

We focus on areas of business vulnerability, the need for advice, the impact of covid and how businesses can plan for the future with things like business and group protection.

The key takeaways:

  • 75% of businesses have not heard about relevant life insurance or executive income protection, and 84% would like to know more about it.
  • 72% of businesses are willing to spend £50 or more per month on cover and over half are willing to spend over £250 per month, over a quarter willing to spend over £2k per month.
  • Only 18% of businesses have life insurance in place, to cover the loss of a shareholder.

I am not shy about being quite averse to statistics, I like stories, but the report is really an interesting read and the parts on different conversation starters are a good way to build confidence in approaching these topics. I recommend giving it a look over.

Next time I have Matt Rann back with me and we are going to be talking about alcohol and insurance.

Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our website, thanks to our sponsors Octo Members.

If you want to know more about how to arrange protection insurance, take a look at my Protection Insurance in Practice course here.