Why protection matters

Situations evolve and circumstances change. It’s not always something we want to think about, but a key part of intelligent financial planning is building in contingency to make sure you and your family are provided for, whatever the future brings.

At First Financial we’re experienced in helping both clients and companies to arrange suitable protection and give them peace of mind. We’ve set out the key types of insurance here, along with things you should think about.

Life insurance

If the worst should happen, you need to know you’re not leaving your family with debt they can’t afford, resulting in additional stress at an already difficult time. You also need to ensure your family can maintain a comfortable lifestyle with a drop in income.

It’s important to think about how the loss of a loved one would affect the equally important running of a household amid shifting priorities and significant lifestyle changes.

Getting the right level of life assurance starts with assessing the level of cover required, while factoring in what’s affordable. It’s also essential to ensure that these plans are dealt with using the correct trust arrangements and are periodically reviewed by experienced experts.

Critical illness

Diagnosis of a specified illness such as cancer or a heart attack can take an emotional toll. It can also mean financial uncertainty. The combination of these will do little to aid a speedy recovery.

Finding the right policy goes far beyond comparing costs, it requires an understanding of the medical terms and scope of coverage, which most financial advisers are unable to provide. Having the resources of a fully qualified doctor we can research the market, study the small print and provide expert advice.

Income protection

Being unable to work for an extended period could have a major impact on your savings and lifestyle, as everyday commitments still need to be met. The right income protection contract will enable you to receive an income in the event of being unable to work for an extended period.

Corporate protection

If you run your own company, it’s important to think about how the business would continue to function if something happened to its key people.

Shareholder protection 

If a business owner should die, this enables the surviving owners to purchase their share of the business from the deceased owner’s estate. It ensures the deceased owner’s dependants have a willing buyer and cash instead of a share in the business.  

Keyman insurance 

This insures a business’s most valuable employees to protect the company from the financial impact of losing key people through death or illness.

Business loan protection

This type of protection policy is taken out on the life of a key individual to cover a business debt or loan.

Relevant life assurance 

If you’re a business owner, you may be able to take advantage of placing your life assurance through your limited company as a tax-deductible expense, or provide life cover to employees in a tax-efficient way.

Whatever kind of protection you need, we’ll search the whole market to find the best deals available for you, looking at cost, but thinking about how comprehensive each policy is and how appropriate it is for your needs too.

We’re well-versed in the specific requirements you’ll need to satisfy each type of protection and we can guide you through the whole process.

If you’d like to talk about protection, how it works and what you might need, get in touch.

Contact us