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No one wants to think about death or illness, but having financial protection in place can be a valuable safety net for you or your family. Financial protection refers to the range of insurance policies which pay out under specific circumstances, usually out of your control, such as becoming critically ill or involved in an accident.

When it comes to financial planning for the future, financial protection is often overlooked. However, financial protection should be one of the most important parts of your portfolio and financial plan.

Why is financial protection important?

Considering ‘what if’ is a vital part of financial planning, to ensure financial security and protection against unforeseen life changing circumstances or events. People often don’t consider what would happen if their income suddenly changed or stopped, which puts them at a greater risk financially in the future.

Unfortunately, if the main breadwinner in your life or family dies or becomes critically ill, there may not be Government support to help financially. You may receive benefits, however in most cases, this is not enough to live off long-term. Therefore, it is highly recommended and important to put money into financial protection, so you are in control of your own finances and are not reliant on third-party sources of income.

Ask yourself hard questions such as ‘could your family or loved ones cope financially without your income?’ and ‘what would happen if you were in a position where you had to stop working?’. Getting financial protection can provide you with peace of mind that you have something to fall back on if needs be.

Financial protection supplies you with a safety net, that if a difficult time occurs, you don’t have to worry about paying for essentials like rent or mortgage and bills. Focus on what is important and put your health and your family first.

What are the types of financial protection?

There are various forms of financial protection, and we have expert, independent knowledge in all areas to help you find the right products or plans for you. The three most common types of financial protection are:

Income protection

Income protection provides you with a regular and reliable income, should you be unable to work for an extended period of time due to short-term illness or an accident. The payments can be monthly, and are usually around 50-60% of your usual gross income. The payments will cover you until you are well enough to return to work or retire.

Find out more about income protection here.

Critical illness cover 

Critical illness cover can provide you with an income, usually in a lump sum, if you have been diagnosed with a critical illness. The diagnosis must be of a specific illness from a pre-agreed list that the policy covers, and some are more comprehensive than others. The lump-sum can be used how you wish. Common reasons to make a critical illness claim include the diagnosis of cancer, stroke, heart attack, loss of limbs and multiple sclerosis.

Find out more about critical illness.

Life Cover 

Life insurance cover is a type of financial protection which pays out a lump sum in the case of your death. This can be particularly important to consider if you are the main breadwinner or have dependents, as it can cover debts and provide financial support and relief to loved ones at a difficult time.

Find out more about life cover insurance.

Why choose Oakworth Financial Protection Advice?

At Oakworth Financial we can help protect both you and your family from life-changing situations. With our wealth of experience, we are able to analyse all the plans and providers out there to find the right option for you. Being independent financial advisors also ensures that we will only ever present the solutions that we feel are the best for your circumstances, rather than being restricted in what we can offer.

During every initial meeting we go through the exercise of learning more about you and your personal circumstances. This allows us to highlight any protection gaps that may exist.

We believe that financial protection does not need to be expensive and our tailored protection solutions are created to give you exactly what you need, at a price you can afford.

Get in touch today to discuss how our financial protection services can benefit you and your family’s future income

Get in touch

We’d love to hear from you. Contact us via the below or complete the form and one of our friendly team will be in touch.


Oakworth House, 45 Newgate, Pontefract, West Yorkshire, WF8 1NB.




0800 018 6020

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