A Beginners Guide to Insurance: Protecting People from Financial Shocks

Financial wellbeing is the sense of security and ease that comes with knowing you can pay your bills today, deal with the unexpected and that you’re on track for a healthy financial future.

The UK Strategy for Financial Wellbeing recognises that after increasing the number of savers and reducing people’s reliance on credit, insurance helps people build financial resilience. However, insurance is often an overlooked part of people’s financial plan.

Large numbers of people in Wales have a negative perception of their finances. And, if low-income households can afford insurance, they often face additional costs - known as the poverty premium. People in poverty or on low incomes pay, on average, £490 more each year for the same goods and services as those on higher incomes.

Products such as life insurance, critical illness cover, income protection, and home contents insurance provide people with financial peace of mind.

This online training session aims to help Money Guiders have informed conversations with clients about insurance, what’s worth considering and how it can protect against financial shock.

This online training session will cover:

• Which insurance products to consider, when, typical costs
• Welfare versus employment benefits versus insurance
• Where to shop around
• Insurance claims and perception about payouts

How to show up and get the most out of this training session:

This is an interactive online training session. This may include polls, quizzes and breakout rooms, aimed at enhancing the learning experience for everyone – yourself, your fellow attendees and the host. Please ensure you show up fully focussed and ready to interact with the host and other attendees for the 90-minute duration of this training session. It helps the host to see who they’re working with. To help with this, we encourage cameras on, where possible.

ABOUT YOUR HOST:Talia Loderick is a Money Coach, based in Cardiff, Wales, UK. Talia calls her money coaching practice TLC because when she realised the acronym for Tender Loving Care also stands for Talia Loderick Coaching, she almost swooned with joy. Because who doesn’t need a dose of TLC from time to time? Rhetorical question – we all do. Especially when it comes to money. Talia offers 121 coaching designed to help people understand and take control of their behaviour with money. Talia delivers financial wellbeing sessions for corporates and community groups because, well, we’re never done learning.

Talia writes a money column for The Independent newspaper. 💛 Connect with Talia! LinkedIn | Instagram | Website | Newsletter

Money Guidance Competency Framework

Technical Domain 9. Insurnance

Accessibility

The event takes place online and will be delivered in English. If you have any accessibility requirements such as visual or hearing impairment, or a neurodiverse condition that might affect your experience of the forum, please let us know in advance when you register your place and we will do our best to make sure you can access the session in a way that meets your needs.

The Money Guiders Programme

Money Guiders is provided by the Money and Pensions Service. It is a programme which seeks to help money guidance practitioners improve their knowledge, skills and confidence. Everything that the Money Guiders programme offers centres around the Money Guidance Competency Framework - it's there to help you better understand the full breadth and depth of money related issues that fall outside of the regulated financial advice service sector - the things you talk to your customers about.

Before attending the session, you could:

• Try out our money guidance confidence checker, to find out how you feel about the conversations you have with customers about money
• Spend some time considering the challenges you face in your work, specifically when you provide help and guidance to your clients or service users around money issues.
• Consider how you spot potential problems, how you can start conversations about money in a sensitive way and at an appropriate time?
• Think about how you can maintain good boundaries in your role as a money guidance practitioner within your main area of work?