A guide to R05 | How to revise, the benefits and more!

A guide to R05 | How to revise, the benefits and more!
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R05 is a level 3 qualification provided by the Chartered Insurance Institute (CII) upon completion it provides 10 credits.

The Financial Conduct Authority (FCA) require retail investment advisers to hold a recognised qualification. Therefore, it is recommended Advisors providing protection advice hold an R05 or equivalent qualification.

This unit covers the core types of financial protection available to consumers and some aspects of business insurance. Topics include:

  • policy types;
  • establishing the appropriate sum assured;
  • underwriting;
  • claims;
  • the use of trusts; and
  • the taxation of benefits.

R05 is mainly used by Protection Advisors as this is their core role however the CII also state “This unit is relevant for paraplanners, technical consultants and those in financial planning support roles. It is also relevant for those seeking additional CII credits towards completion of the Diploma in Financial Planning. those who do not hold additional CII credits counting towards completion of the Diploma in Financial Planning.”

The CII state that the purpose of this unit is:

“The purpose and scope of financial protection products and how they interact with State benefits; the main features and functions of the different types of contracts and how they are arranged in order to meet the individual client’s protection needs; the main protection needs of businesses.”


  • Member £221.90
  • Non-member £268.41

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Additional revision aids.
  • Assessment entry.

These prices can increase or decrease if you add or subtract aspects from it (e.g. digital and print will raise the price to £234.82 for members and £283.48 for non-members)

The CII state that R05 takes only 50 Study Hours to complete (with an additional hour for the exam).

The only assessment method used is multiple choice questions (MCQ)

R05, much like other qualifications in the Financial Services industry, require you to retain as much information as possible in your studies due to the MCQs. Some tips we have provided on similarly structured qualifications are:

  • Create a schedule to systematically work through the online and printed study text and the rest of the online material to make sure you are looking at the whole specification
  • We would also advise people to go through all available specimen papers under exam conditions to ensure you are comfortable when the real exam comes around
  • Strongly consider tutor support and how best you can utilise a tutor if necessary (by focusing on your weaker points or parts of the qualification you are unsure on)

Establishing what type of learner you are can massively benefit individuals looking to begin studying. Knowing the answer to this question from day one can hugely help when it comes to absorb the information and test your knowledge.

The LIBF describes the Protection Advisor role as “a customer-facing role, ideal if you’re interested in financial services and enjoy dealing with people.

As a Protection Adviser, you’ll talk to customers about their circumstances, the different insurance options and the products they might need, for example:

  • income protection
  • life insurance
  • critical illness cover
  • mortgage protection insurance, and
  • home insurance.

You’ll guide your customers towards the products and services that suit them best and make sure that they’re not paying for the same cover twice.”

  • We commonly see Protection Advisor total earnings surpass £50,000 and, in some cases, £100,000+. Totaljobs found the average salary of a Protection Advisor to be around £50,000 with a high of £72,500
  • In some cases, there is an option to go self-employed with comes with its own host of pros and cons
  • Some companies will provide a high number of hot weekly leads, all your job will be to convert them!
  • Back-office support will be provided occasionally further aiding you to focus on writing business