Friday Five Focus on Protection – 5 Questions in 5 Minutes – 4 Sep 2026

Friday Five Focus on Protection – 5 Questions in 5 Minutes Every Friday

What’s this all about?

Each week, we ask questions relating to one of these topics: Investments, Taxation, Pensions, Protection, or Regulation. This week, our Friday Five is relevant to Protection; this is useful as you prepare for the CII’s R05 exam. The challenge is for you to answer them in 5 minutes. Answers at the bottom of the page.

Questions

IMPORTANT! These questions relate to examinable tax year 2026/27, examinable by the CII until 31 August 2027.

1. Where a life office is calculating a proportionate benefit under an income protection policy, how will they usually define previous earnings?
   1. Average earnings in the tax year in which incapacity started.
   2. Total earnings for the year prior to incapacity.
   3. Average earnings for the year or six months prior to incapacity.
   4. Total earnings for the six months up to when incapacity started.

2. Susan has a mortgage payment protection insurance policy. If she makes a claim on becoming unemployed, the very maximum amount of time for which benefits will be paid is usually
   1. 9 months.
   2. 12 months.
   3. 18 months.
   4. 24 months.

3. Tax relief can generally be given on premiums for a key person policy where the life assured is classed as
   1. a shareholding director.
   2. a partner.
   3. a sole trader.
   4. an employee.

4. Robert has life assurance provided by his employer through his pension scheme which includes a continuation option. This means that Robert can
   1. pay to continue the cover if he leaves the company.
   2. take out a new policy if he leaves the company based on his age at the time.
   3. continue to receive the cover at no cost if he leaves the company.
   4. transfer the cover to a new employer if he leaves the company.

5. An income protection policy is most likely to be of benefit to the
   1. self-employed.
   2. retired.
   3. employed.
   4. unemployed.

Answers

1. C; See R05 Study Text, Chp 6; Rationale: Where a life office is calculating a proportionate benefit under an income protection policy, previous earnings are usually defined as average earnings for the year or six months prior to incapacity.
2. D; See R05 Study Text, Chp 9; Rationale: The maximum benefit pay-out period for a mortgage payment protection insurance policy is typically 2 years (24 months).
3. D; See R05 Study Text, Chp 11; Rationale: Tax relief cannot be given if the life assured is a shareholding director, a partner or a sole trader. It can only be given if they are simply an employee.
4. B; See R05 Study Text, Chp 4; Rationale: A continuation option will entitle Robert to take out a new policy if he leaves the company. The premium will be based on his age at the date of leaving. He will need to pay the premium himself. The existing cover will not usually continue for Robert.
5. A; See R05 Study Text, Chp 2; Rationale: The self-employed are especially likely to benefit from income protection, because they have no employer to provide them with sick pay, and if they are unable to work due to incapacity, their income can come to an immediate stop.

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