71 episodes

When you set out to get things like life insurance, critical illness cover or income protection, many people do not think that they are going to hit any snags along the way.

But! Insurance is a world of risk and there are times that a persons circumstances will make insurers sit back and have an extra think about offering the insurance.

Why?!

This podcast is designed to answer that why. Kathryn Knowles is joined by guests to bring a clear and open chat about how insurance works.

Kathryn brings her experience as a "quirky" life and the voice of the consumer to the discussion. She does this alongside her work as a specialist adviser, who is known for insuring the uninsurable.

The Practical Protection Podcast Kathryn Knowles

    • Business
    • 5.0 • 28 Ratings

When you set out to get things like life insurance, critical illness cover or income protection, many people do not think that they are going to hit any snags along the way.

But! Insurance is a world of risk and there are times that a persons circumstances will make insurers sit back and have an extra think about offering the insurance.

Why?!

This podcast is designed to answer that why. Kathryn Knowles is joined by guests to bring a clear and open chat about how insurance works.

Kathryn brings her experience as a "quirky" life and the voice of the consumer to the discussion. She does this alongside her work as a specialist adviser, who is known for insuring the uninsurable.

    The Year Ahead

    The Year Ahead

    Hi everyone, this is the first episode of season 5 and we have special guest, Peter Hamilton. Peter is joining us to talk about the different roles that he has within our industry and beyond, to improve access to insurance and the reputation of the insurance world.
    The key takeaways:
    We can make real positive change by ensuring that reinsurers, insurers, trade bodies and advisers are involved in working parties together.
    There is growth in clients wanting to understand the ethical and social behaviour of providers, and we should be prepared to have this to hand.
    eGPRs are a key focus for change this year.

    Next time we are starting a Mental Health Awareness Week in association with the https://www.actuaries.org.uk (Institute and Faculty of Actuaries) Mental Health Working Group. From 31st January to 3 February we will be releasing a podcast each day, about mental health and the different stages of insurance. There will also be a webinar on Friday 4th, keep a look out for the registration details.
    To kick things off Lynn Beattie aka https://www.mrsmummypenny.co.uk (Mrs Mummypenny) is joining me to talk about what it feels like to apply for insurance. We talk about things that can trigger someone wanting insurance, how mental health can play a part in a person’s decision to get cover and what it feels like to have insurance in place.
    Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our https://practical-protection.co.uk/ (website), thanks to our sponsors https://octomembers.com/ (Octo Members).
    If you want to know more about how to arrange protection insurance, take a look at my Protection Insurance in Practice course https://www.adviceforadvisers.co.uk/ (here).

    • 51 min
    Needing Insurance

    Needing Insurance

    Hi everyone, this is the first episode of our Mental Health in Life Insurance week. This week we are taking a deep dive into how mental health and insurance mix, why someone might need insurance, how they can get it, why insurers make certain decisions and what happens if you need to make a claim.
    We have a lot of industry experts joining us this week and we start today with Lynn Beattie aka Mrs Mummypenny. Lynn is a finance expert and is always looking for the best ways to manage money, to protect her financial future and also make sure that anything she is paying for is worth it.
    The key takeaways:
    Applying for insurance is complicated, even for someone that works within finances, the wording is confusing and knowing where to turn to for help is hard.
    It can be worrying to know how much mental health will and won’t affect insurance applications and how insurers will view your health.
    The relief from knowing that you have insurance in place to protect your income and to protect your family if you die, is priceless.

    This episode is part of the Institute and Faculty of Actuaries Mental Health Working Group’s efforts to improve access to insurance for people living with mental health conditions. Next time we are going to be discussing different ways you access insurance with Phil Jeynes (Reassured), Alan Knowles (Cura Financial Services) and Neal Cross (Money Supermarket).
    Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our https://practical-protection.co.uk/ (website), thanks to our sponsors https://octomembers.com (Octo Members).
    If you want to know more about how to arrange protection insurance, take a look at my Protection Insurance in Practice course https://www.adviceforadvisers.co.uk (here).

    • 34 min
    Routes to Insurance

    Routes to Insurance

    Hi everyone, this is the second episode of our Mental Health in Life Insurance week. Today is all about how people can go about getting insurance. We are taking a look at advised and non-advised routes, as well as comparison sites. It’s important to understand that no matter what we might think is the best route for someone, each of these routes can offer something different that may be what is a helpful first step to getting insurance.
    We are talking to Phil Jeynes from Reassured, Alan Knowles from Cura Financial Services and Neal Cross from MoneySupermarket for their insights.
    The key takeaways:
    People living with mental health conditions might not feel comfortable talking to someone about their medical history.
    Firms should adapt their communications and link with specialist partners, to support people that are living with mental health, to access insurance in a way that suits them best.
    There is work being done to encourage the use of iGPRs to better support insurance application underwriting times, to help reduce some of the worry that can potentially build during this time.

    Within the insurance world there can be a mindset that when applying for insurance it is advised vs non-advised vs price comparison site. In this episode we are stepping away from any kind of judgement of how someone chooses to get insurance, and focusing upon how each of these approaches to getting insurance, helps different people in different ways.
    Tomorrow we are going to be talking with Lisa Balboa (Hannover Re) and Fraser Ballantine (Zurich) about how underwriting decisions are made by insurers.
    Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our https://practical-protection.co.uk/ (website), thanks to our sponsors https://octomembers.com (Octo Members).
    If you want to know more about how to arrange protection insurance, take a look at my Protection Insurance in Practice course https://www.adviceforadvisers.co.uk (here).

    • 36 min
    Access To Insurance

    Access To Insurance

    Hi everyone, this is the third episode of our Mental Health in Life Insurance week. We have quite an unusual episode today, in that we have an adviser, actuary and underwriter all sat together to talk about insurance. It’s not often that you get such a broad insight of the industry all in one place.
    We are talking about how insurers decide who can have what insurance and what price it will be. Actuaries take a look at huge amounts of general population data and analyse this to help them determine what might happen to these people in the future. They use data to produce statistics about how likely it is that person A that is X years old, will become seriously ill or die.
    It is then the role of the underwriting developers to look at this data and decide what risks an insurer can and cannot take. For mental health this could be looking at the data on mild anxiety and deciding that the insurer can accept someone that lives with this at ‘normal’ terms (the basic premium). Or it might be that they look at data that shows that some conditions are linked to a statistically higher risk of ill health or death, with the decision to then charge a higher premium to.
    The key takeaways:
    Insurers take broad population studies to understand how certain circumstances influence a person’s chance of being seriously ill or dying. This is then used to form many of their decisions, but they will also do what they can to listen to individual circumstances.
    An explanation as to why bipolar disorder is a condition that usually results in an increased premium for life insurance, and leads to some difficulty in getting income protection cover.
    A clear example of how a premium might be increased for life insurance, due to a mental health condition.

    Without going into a deep data chat this episode helps us to see how insurers come to their decisions, based upon the way that the industry works at the moment, and upon the data that is available now. It’s always important to remember that underwriters are regularly reviewing what an insurer offers, and what is or is not available today, could change tomorrow.
    We have Vanessa Sallows (Legal and General) and Monica Garcia (Monica Garcia Consulting) with us in our podcast tomorrow to discuss what mental health support there is for insurance policyholders before, during and after a claim.
    Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our https://practical-protection.co.uk/ (website), thanks to our sponsors https://octomembers.com (Octo Members).
    If you want to know more about how to arrange protection insurance, take a look at my Protection Insurance in Practice course https://www.adviceforadvisers.co.uk (here).

    • 50 min
    Claims and Support

    Claims and Support

    Hi everyone, this is the fourth episode of our Mental Health in Life Insurance week. So far this week we have gone through why someone may need or want insurance, how they can get it, the things that lead insurers to make decisions over what can be available to someone, and we are now at the point where everything comes together for the whole point of this: the claim.
    In this episode we talk about what happens in terms of support for people living with a mental health condition when they make a claim on insurance, and more importantly the extra support they can access from the policy even if they don’t make a claim. We also talk about how mental health needs to be considered with every claim, as these are times when people are often at their most vulnerable.
    The key takeaways:
    Insurers now often offer extra support services for people that have policies with them e.g. mental health support lines, access to remote GPs, fitness and nutrition plans.
    Mental health causes a large amount of income protection claims and insurers partner with specialist firms to help people that are struggling to work.
    Mental health support can be accessed by policyholders but it’s important to be aware that there are times that this service will not be the most appropriate option.

    The next episode of the podcast is going to be a bit different. We are hosting a webinar to round off this mental health in life insurance week, and the audio from it will be added as our next episode. I hope that you have found our walkthrough of insurance and mental health useful.
    Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our https://practical-protection.co.uk/ (website), thanks to our sponsors https://octomembers.com (Octo Members).
    If you want to know more about how to arrange protection insurance, take a look at my Protection Insurance in Practice course https://www.adviceforadvisers.co.uk (here).

    • 35 min
    Mental Health in Life Insurance - Webinar

    Mental Health in Life Insurance - Webinar

    Hi everyone, this is the final episode of the Mental Health in Life Insurance week, a recording of the webinar held by the Institute and Faculty of Actuaries.
    In this webinar Kathryn, Lisa Balboa (Hannover Re) and Fraser Ballantine (Zurich), all came together to talk with colleagues about mental health and insurance. The session was hosted by John Brazier from Cover magazine and attendees included reinsurers, insurers and charity members.
    We explore everything from application questions, granular modelling, risk analysis, and how all of this can come across and feel to someone that is living with a mental health condition and wanting insurance.
    The key takeaways:
    We need more data! To make positive change for accessing insurance when you have a mental health condition, actuaries need data to analyse, potentially even positive lifestyle factors e.g. sleep patterns, exercise habits, etc.
    Mental health questions and support are far better than they used to be, but there is still a long way to go.
    How pricing is calculated for individuals living with specific mental health conditions.

    Next time I have Matt Rann back with me and we are talking about cervical cancer. It is great to have Matt back for his first episode of 2022 helping us to deep dive into how underwriting works.
    Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our https://practical-protection.co.uk/ (website), thanks to our sponsors https://octomembers.com/ (Octo Members).
    If you want to know more about how to arrange protection insurance, take a look at my Protection Insurance in Practice course https://www.adviceforadvisers.co.uk/ (here).

    • 59 min

Customer Reviews

5.0 out of 5
28 Ratings

28 Ratings

Juno No Filler ,

Great resource

I love both the depth and the breadth that this podcast goes into. It is personally and professionally interesting for me. Thank you !

LUFC LK ,

Really interesting

Thanks for having such interesting conversations on these topics. I’ve only just started listening but sure am catching up now.

MattPitch ,

Excellent job

This is a hard topic to make engaging but through use of personal stories and Kathryn’s engaging presenting style this works.

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