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What is a Protection Adviser?

By 2nd August 2023January 18th, 2024Blog, Protection
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The insurance market, much like the financial services sector as a whole, is rather complicated. This combined with the state of flux for customers has made the need for well-educated protection advisers more important than ever – the same goes for mortgage brokers too. If you are interested in pursuing a career as a protection adviser then it’s important you know exactly what you are in for, which is why this article will aim to provide you with all the facts and key information you’ll need to you start your journey.

As stated previously, the entire financial services market has seen significant change for customers and advisers following the implementation of the Consumer Duty Act, which you can read more about here. The new objective for protection advisers is to educate your customers on the different products and services which exist in the market, and to make sure they are aware of what they will benefit from in the event they are unable to work, diagnosed with a long-term illness or worst-case scenario, pass away.

What does a Protection Adviser do?

As a protection adviser, your job will be to communicate with customers who are interested in arranging a protection policy so that they or their dependents, can benefit from financial support in the event that their income from work no longer being available. Whilst there are a number of different products within the protection market some of the most common you will find include:

  • Life insurance
  • Critical Illness Cover (CIC)
  • Income Protection
  • Key Person Protection
  • Mortgage Protection Insurance
  • Home Insurance

Some customers will be open to the prospect of arranging a protection policy, regardless of whether or not your initial chat was on the subject, others may feel it is unnecessary. There are a number of reasons your customers may be resistant to the thought of arranging a protection policy, with some of the more common excuses involving the added cost of arranging it, or customers feeling that their workplace coverage is sufficient for short-term absences from work. Of course, having the necessary protection policies in place and the associated benefits greatly outweigh the costs, so it is up to you to convince them of this.

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What qualifications does a Protection Adviser need?

There are no specific qualifications to become a protection adviser, although professional qualifications through the Chartered Insurance Institute (CII) are available to build your knowledge.

On the other hand, if you would like to become a mortgage and protection adviser, the qualification is much the same as those needed to become an FCA (Financial Conduct Authority) qualified mortgage broker. You can find out more about in our recent article here. In short, to legally advise your customers on mortgage and protection policies you will be required to obtain a Level 3 Mortgage Advice Qualification which includes:

  • Certificate in Mortgage Advice and Practice (CeMAP) obtained from the London Institute of Banking and Finance
  • Certificate in Mortgage Advice obtained from the Chartered Institute of Insurance

By successfully passing one of the many available courses, you will be FCA certified in advising customers, with the knowledge of what the different protection policies are, who they are suitable for and what the process of arranging those policies will be. This essential knowledge will serve you well in your professional career.

What skills does a Protection Adviser need?

When it comes to the skills which would serve you well in your job as a protection adviser, of course, the biggest advantage you can have is being able to demonstrate excellent people skills. This includes communicating and listening clearly to engage your customers and truly understand what it is they need from you. Being able to break down some of the more complex language and terms associated with some of the protection policies will also be incredibly useful, especially in the current climate where providing good customer outcomes is more essential than ever. Similar to working as a mortgage broker, a role in advising on protection will also be suitable for someone who prioritises honesty and ethical practices.

How much does a Protection Adviser earn?

The average salary of a protection adviser based in the UK can vary greatly depending on a number of factors. Base salary is typically between £25,000 and £30,000, which again is similar to that of a mortgage adviser. When it comes to the average salary of an adviser who has several years of experience in the industry, figures will often range from £40,000 to £50,000. This however does not take into account earnings made from commission, as a result of successfully arranging a protection policy on behalf of your customer.

If you are an aspiring protection adviser looking for work then we recommend viewing our on-site Vacancy page here, where you can browse available vacancies and submit your CV. Good luck !

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