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How to build protection into a holistic advice process

07/09/2026

Holistic financial advice is about looking at the bigger picture: where a client is today, where they want to be in the future and what could prevent them from getting there.

A client might have a clear investment strategy, a well-funded pension and plans for their family’s future, but what happens if they’re unable to work, pass away unexpectedly or suffer a serious illness?

For many households, an unexpected loss of income could put their financial plans under significant pressure. ONS research found that only half (54%) of employee-headed households had sufficient financial assets to cover a 75% reduction in income for three months1.

Here, we share some practical ways advisers can build protection into their holistic advice process.

Start with the risks, not the products

Protection doesn’t need to be a separate conversation that happens after wider financial planning is complete. Instead, start by understanding the risks that could affect the client’s financial plan:

  • What would happen to the client’s income if they couldn’t work?
  • How would their family cope financially if they passed away?
  • What financial commitments would need to continue?
  • Would they want to maintain their lifestyle if they suffered a serious illness?
  • Who else depends on their income?
  • What assets could realistically be used if something unexpected happened?
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These questions help ensure protection is introduced as a natural part of the financial planning process, rather than an add-on product conversation.

 
Donna Morgan headshot

Consider protection alongside wealth building



“Financial planning often focuses on helping clients build and preserve wealth. But under the FCA’s Consumer Duty rules, advisers also have a responsibility to help protect clients from foreseeable financial harm.” 

Donna MorganBusiness Development Manager

A strong financial plan should look beyond how clients can grow their wealth and consider how well those plans would stand up if circumstances changed. That might mean managing investment risk, securing suitable borrowing or preparing for unexpected events such as illness, injury or premature death.

In LV’s latest Reaching Resilience research, 53% of self-employed workers said they would rely on savings if they were unable to work2. Whilst drawing on savings or investments may bridge an immediate income gap, it could also mean missing out on future investment growth or interest, paying charges for accessing funds early or disrupting pension plans designed to support retirement goals. 

For some clients, using their savings to fund a prolonged period away from work could ultimately mean working for longer than planned, retiring with less or compromising other financial goals they have worked hard to achieve.

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This is where protection can form an important part of a resilient financial plan. Products such as Income Protection and Critical Illness cover can provide a source of financial support when clients need it most, helping them meet their financial commitments without having to immediately draw down on assets.

Look beyond the mortgage

For many clients, protection is still closely associated with paying off a mortgage. But a holistic approach means looking at the wider financial consequences of an unexpected event. Here, advisers and clients alike can discuss:

  • Income – how would essential household costs be met?
  • Family – who relies on the client financially?
  • Education – could they continue to fund school or university costs?
  • Lifestyle – what would happen to the standard of living they’ve worked to achieve?
  • Future plans – would retirement or other financial goals need to be delayed?
  • Debt and liabilities – what would happen to outstanding commitments beyond the mortgage?
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Looking at these areas can help move the protection conversation from simply ‘covering a liability’ to protecting the client’s wider financial plan.

Make protection part of the advice journey

Protection is most effective when it’s considered at the right points throughout the client journey, rather than treated as a one-off conversation. For example:

  • At the initial fact find – identify the client’s financial commitments, dependants, income and potential vulnerabilities.
  • During financial planning – consider what could derail their financial goals and whether protection could help mitigate those risks.
  • When making recommendations – show how protection complements the wider financial plan and supports the client’s objectives.
  • At regular reviews – check whether their circumstances, income, family, liabilities or financial goals have changed and whether their protection still reflects their needs.
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This approach makes protection part of the planning process rather than an additional task to be completed at the end.

Use the wider advice team

Illustration of two phones side by side having a video chatBuilding protection into holistic advice doesn’t have to mean more work for the adviser. Paraplanners and wider support teams can play an important role in researching solutions, gathering information and helping ensure protection is incorporated into the advice process.

Having consistent prompts, processes and research frameworks can also make it easier to identify protection needs across the client bank.

If you’re an adviser looking to support better protection advice with wider support teams and paraplanners, discover six practical strategies to improve communication with paraplanners.

Think about the client’s ‘what if?’

One of the simplest ways to bring protection into a holistic conversation is to think beyond the client’s current financial position.

Ask “what could happen that might stop this plan from working?”

It could be an illness, injury, loss of income or the death of a partner. These scenarios aren’t pleasant to think about, but they are an important part of financial planning, because a truly holistic plan shouldn’t just help clients work towards their goals, it should also consider what happens if life takes an unexpected turn.

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Protection is already playing a significant role in helping people deal with these events. In 2025, insurers paid £7.84 billion in individual and group protection claims3 – equivalent to £21.5 million every day – with LV= paying 95% of all personal protection claims during the year4.

Protection is part of the bigger picture

Holistic advice is about seeing the whole financial picture and that includes the risks sitting alongside a client’s plans and ambitions.

By building protection into the advice process from the beginning, advisers can have more meaningful conversations about financial resilience and help clients consider how they could protect the plans they’ve worked hard to build.

Fuel your protection advice with insight

Reaching Resilience is our protection focused research that explores financial resilience amongst consumers.

Read the report

CPD protection webinars to support you with your conversations

Sign up to an LV= webinar, top up your CPD and access topical insights, support and actionable ideas.

Find your next webinar

Demonstrate the true value of financial protection

Our Risk Reality Calculator highlights everyday risks in seconds. Use it to explore the type and level of protection needed.

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