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r05 exam

R05 exam: how to pass

The CII’s R05 exam, Financial Protection, has the highest pass rate for the core R0 exams – 79%. So why do so many people come out of the exam thinking it was tough?

There is a simple answer. Whilst there are many areas in R05 that people may be familiar with like life assurance products, IPI and CIC, there are areas such as long term care, social security benefits and general insurance products, e.g. accident and sickness policies, that are not generally well known.

We also find that an increasing number of people start their R0 exams with R05. So instead of it being the last multiple-choice exam, it is the first. That makes it a different ballgame.

What does R05 look like?

The CII R05 exam has 50 questions, and you have 1 hour to complete it. All of the questions are single-response questions that only need one answer. There are none of those pesky multiple-response question that require more than one answer. These are much harder to answer.

10 tips on how to pass R05 first time

Here are 10 tips to make sure you pass the exam first time – or at least make it more likely!

  1. Put in the hard yards. The CII recommend around 60 hours of study. If you have experience of financial services, you probably won’t need this much preparation. If this is your first R0 exam, then you’ll need this and more.
  2. Work smarter, not harder. It’s not just about how much study you do; it’s also about the quality of your study. Most people learn best by ‘doing stuff’, rather than just reading (which is passive). For example, use highlighter pens, write summary notes and use the CII online RevisionMate practice questions. You might also use our audio material so that you can learn on the go. Click here for details.
  3. Focus on chapters 4, 5, 6, 7, 9 and 10 of the CII R05 study text.  The CII R05 study text follows the sequence of the syllabus. The questions are not allocated equally across each chapter in the study text so if time is short, why wouldn’t you focus on the chapters that are most heavily examined? Just these six chapters account for 76% of the marks in an R05 exam. Click here to see the R05 exam syllabus.
  4. Focus on the content you don’t know. Most people will be familiar with some elements of the content. As few people read the study text from cover to cover, focus your reading on the bits you are unfamiliar with. Why? The fact is that some knowledge goes a long way. Even if you don’t know the answer to a question, a little knowledge will help you to eliminate one or more of the incorrect answers. This leads me on to the next tip.
  5. Guess! Questions in R05 are marked positively so if you guess and get it wrong, you don’t lose anything. If you get it right then, bingo, one mark closer to the pass mark. Use a process of elimination to reduce the likely number of options but if in doubt, guess. Never leave a question unanswered.
  6. When studying, don’t get bogged down in long term care. This is chapter 8 of the study text and it runs to 25 pages. For most people, they have limited understanding of LTC and if you have the time, it’s something you should know about. If you don’t have time, this is quite a lot of study when there will typically only be 3 questions on it in the exam.
  7. Practice, practice, practice. There really is no substitute for answering R05 practice questions such as the CII Knowledge Checker Questions on RevisionMate. You get these as part of your exam entry package on enrolment and enrolment plus. Start using these early on in your preparation. Most people learn from their mistakes – so make lots of them during your prep so you don’t make them in the exam.  Don’t leave practice questions until just before you sit the R05 exam.
  8. Complete the R05 CII exam guide at least twice. Time pressure and lack of knowledge are likely to be the biggest issues for many people. Do your practice runs under exam condition so you get a feel about what it’ll be like in the exam. The CII exam guide is the best guide there is as to what your actual exam will look like. Click here to access this.
  9. Read the exam questions twice. Trust me, if the question gives you information, you’ll need to use it somehow. The CII doesn’t give information just to ‘pad out’ a question. So read the question twice and ask yourself: ‘how do they expect me to use this information?’.
  10. Be kind to yourself when studying. Studying for 20-30 minute bursts is great – focus on 3-4 key topics and then have a break. Few people like studying so reward yourself with treats on a regular basis.

Further R05 resources

To find out more about our unique talking books that enable you to fit your learning in around family and work commitments, click here

To access our FREE practice questions for R05, click here

Prepare well and be successful first time. Until the next time.

Ian Patterson

Ex-examiner and author of the CII study texts for CF8, J07 and AF6

R05

CII R05 exam: FREE practice questions

Are you revising for the CII’s R05 exam? Know someone who is? Want to test your R05 knowledge? Then read on…..!

We’ve put together 10 multiple choice questions for you as a taster of what you can expect in the R05 exam. This exam has a pass rate of 79% which makes it the easiest CII R0 exam.

That said, you should still expect to be tested on areas such as state benefits, general insurance products such as PMI, long term care and business assurance so just about everyone will still need to brush-up on the more unfamiliar elements of the syllabus.

Click here for the CII R05 exam syllabus. Be aware. The number of questions you will get in the exam are NOT spread equally across the syllabus.

We’ve helped over 6,000 people prepare for the CII R0 exams over the past 12 months. We don’t sell multiple choice questions but we are here to help as much as we can with your R05 exam.

Now, onto the practice questions. See how well you do on these. You’ll find the answers at the end of the post.

R05 questions

All figures are based on the 2021/22 tax year.

1. John is worried about providing an income for his family if he is unable to work through accident or sickness over the long term. Which protection policy would be MOST suitable?

A. Personal accident and sickness

B. Accident, sickness and unemployment cover

C. Critical illness

D. Income protection insurance

2. Usef, age 68, recently had a stroke and he now needs supervision. Which state benefit will he qualify for as a result?

A. Attendance allowance

B. Personal independence payment

C. Carers’ allowance

D. Disability living allowance

3. A couple want to arrange life cover to meet an inheritance tax liability whilst keeping costs to a minimum. If they write the policy under a suitable trust, the BEST way of arranging the whole of life policy is:

A. as two single life of another policies

B. on a joint life first death

C. on a joint life second death

D. as two single life policies

4. What tax is paid on the proceeds of an offshore life policy on someone who is a UK resident when it is surrendered?

A. Income tax is paid on the full surrender value

B. Income tax is paid on the amount the value exceeds the premium(s) paid

C. CGT on the full surrender value

D. CGT on the amount the value exceeds the premium(s) paid

5. Ami has just received a £1/2 million lifetime transfer from her father. What type of life policy would be MOST suitable to pay the potential inheritance tax liability?

A. Whole of life

B. Level term

C. Decreasing term

D. Gift inter vivos

6.  Here is a description of a benefit provided by an income protection insurance policy: ‘this benefit is paid if someone is unable to return to their previous work, but can undertake some lower paid work elsewhere.’  What is the name of this benefit?

A. Proportionate benefit

B. Recurrence benefit

C. Rehabilitation benefit

D. Waiver of premium benefit

7. The typical survival period on a critical illness policy is:

A. 4 days

B. 28 days

C. 6 months

D. 12 months

8. Mo is concerned about the care and medical treatment he will receive if he loses mental capacity.  His current health is deteriorating, but he still has capacity. What type of new arrangement, if any, would be suitable?

A. Power of attorney

B. Enduring power of attorney    

C. Lasting power of attorney

D. None. His deteriorating health means that it is too late to make any arrangement

9.  Mavis is seeking funding from her local authority towards the cost of her long term care.  Her total income is £200 per week and she has assets of £20,000.  What would the local authority assess her weekly income as being (before the personal expenses allowance is deducted)?

A. £200

B. £212

C. £223

D. £224 

10. With partnership protection, which legal arrangement would NOT normally qualify for IHT business relief?

A. Automatic accrual

B. Buy and sell

C. Cross-option agreement

D. shareholder trust

R05 Resources

Here are some other tips and information that you might find useful:

Click here for tips on how to approach the R05 exam

Preparation tips and exam technique for R05. Click here

Answers: 1: D; 2: A; 3: C; 4: B; 5: D; 6: A; 7: B; 8: C; 9: C; 10: B.

Remember, good preparation is the key. Hope that you found this useful. Until the next time

Ian Patterson

Author of the current CF8, J07, and AF6 CII study texts and ex-examiner

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