Financial Protection2025-12-04T04:58:43+00:00

Ellipse-1

Over 30 Years Experience

Ellipse-1

We Put You First

Ellipse-1

Impartial Bespoke Advice

Ellipse-1

FCA Authorised & Regulated

Financial Protection

Protect Your Loved Ones When The Unthinkable Happens

When it comes to insurance, many of us are more than happy to insure everyday items such as our mobile phone, car or even a yearly holiday. But when it comes to protecting our income, family’s future and even our life, we often put it off and see it as a task for another day.

But really, ensuring that financial protection is in place to protect you and your family when unexpected life events occur can make all the difference. What would happen if for whatever reason you suddenly could no longer work? Or god forbid if the unthinkable happened? Savings can only stretch so far and state support more often than not isn’t even enough to cover the essentials.

This is where financial protection comes in. It can help to ensure that you and your family are protected when the unexpected happens. Whether that’s ensuring the bills still get paid or ensuring your family’s current lifestyle is maintained completely.

There’s a wide variety of financial protection policies you can set up from Life Insurance which pays out a lump sum after you pass away through to Income Protection that provides you with regular payments should you not be able to work due to illness or injury.

There’s lots to consider and we understand it can sometimes feel like too much of a headache to fit in when the everyday is so busy! That’s why we’re here to cut through the jargon and help you understand the facts, helping you to put financial protection in place for you and your loved ones.

We’ll sit down with you to understand your situation, your specific requirements and suggest our recommendations for the financial policies you should think about putting in place. Our honest, professional expert advice isn’t here to ‘sell’ you anything, we’ll only recommend policies that suit your specific situation and requirements.

Let Us Help

With over 30 years of experience when it comes to Inheritance Tax, we’re here to help with whatever you need.

    Consent*

    We'll only use the data you choose to enter here so that we can chat about your query. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 2018. Take a look at our privacy policy for more info.

    Consent*
    We’ll only use the data you choose to enter here so that we can chat about your query. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 2018. Take a look at our privacy policy for more info.

    Financial Protection: What To Consider

    It’s Never Too Early

    Whilst many people see some of the financial policies such as life insurance or critical illness cover to some extent as something that’s usually only required in later life, unfortunately life’s unexpected and you never know what’s around the corner. Therefore it’s never too early to put financial protection policies in place to protect you and your family. It can often be much cheaper to do so too!

    Life Insurance

    When it comes to life insurance there’s a variety of types of cover to choose from. There’s ‘level term’ life insurance that pays out the same amount no matter when you pass away as long as the policy is in place and ‘decreasing term’ life insurance where the amount decreases the longer you live.

    There’s also two policy lengths to choose from; ‘whole of life’ which guarantees a payout and a ‘term policy’ that only pays out during the specific amount of time specified in the policy.

    Critical Illness Cover

    Critical Illness Cover provides you with a lump sum if you’re unfortunately diagnosed with one of the critical illnesses that’s detailed in and covered by the policy. This lump sum can then be used to either pay towards or pay off your mortgage or make adaptations to your home to help you with your condition.

    Income Protection

    This financial policy is put in place to pay out a regular income in the event that you are out of work. You can set up when the payments would start and usually the longer you defer payments, the lower your premiums will be. You can also choose between short term cover over a one or two year period or longer term protection that typically runs until retirement or the date when the policy comes to an end. This could especially be valuable if you’re self employed or you don’t receive sick pay.

    Family Income Benefit

    This is similar to life insurance in the sense that it’s also paid out upon death. However unlike life insurance, it pays out a regular income from the moment you pass away to when the policy ends. So for example, say you take out a 20 year policy and you pass away after 15 years, the policy would pay out for five years to your family.

    Mortgage Protection

    Mortgage life insurance is similar to life insurance where it pays out a lump sum if you pass away, however it can also pay out if you are diagnosed with a terminal illness during the term of the policy.

    What To Expect

    1

    Get In Touch

    Let us know your specific requirements either via our online form, email or a phone call. The more details we know, the sooner we can start to help.

    2

    We’ll Assess Your Needs

    Our team of experts will review and assess your specific requirements, allowing us to understand your situation and how we can help.

    3 

    Advice Tailored To You

    One of our expert financial advisors will be in touch to discuss your specific requirements when it comes to financial protection and the policies that are most suitable.

    How We Can Help

    There’s lots to consider when it comes to understanding financial protection and what all the policies entail and we know it can feel like there aren’t enough hours in the day to truly sit down and read through all the information. But that’s where we come in. Our expert, tailored advice takes your current situation into account, such as what monthly payments you could afford and the amount of funds that would be required to help cover you and your family.

    We then comb through the various financial protection policies that are available, helping you to understand each and every one that’s most suitable for you and advising why they could be a good fit for your situation.

    You’ll receive bespoke one to one support and advice throughout the whole process and we’re here to help answer any queries you may have when it comes to the various financial protection policies that are on offer.

    FAQ’s

    Financial protection is an overarching term for a variety of insurance policies you can set up to protect both you and your family in the event that you find yourself out of work or pass away. There are varying lengths and payout options to choose from such as policies that cover you until you pass away or a specific length of time outlined by the policy.

    There’s also financial policies that provide you or your family with a lump sum or alternatively, regular payments, allowing you to choose which arrangement suits your situation more. The key thing to consider is that whatever your circumstances, there’s probably a financial protection policy available that can help to look after you or your family financially should difficult situations arise.

    Having suitable financial protection in place for life’s unexpected events is vitally important for a variety of reasons.

    1. Peace Of MindFirst of all, having appropriate financial protection in place gives you peace of mind that if you do find yourself out of work for whatever reason or if you were to pass away that your family would have the funds required to continue their way of life, financially at least. That’s a big worry off anyone’s plate, allowing you to focus on enjoying your life.
    2. Gives You A Safety NetWhilst it’s a great idea to have savings to fall back on should you need them, ideally you want to reserve them for if the washing machine breaks or to put towards some fun with the family on holiday. Having financial protection policies in place can act as the safety net you may need should you lose your job or are unable to work for whatever reason.
    3. Time To Get Back On Your FeetThe job market isn’t always stable and many more companies are dishing out redundancies to stay in business. So if you find yourself out of work, it can be difficult to find a new job role, despite your qualifications and experience as competition is fierce. Having financial protection in place can ease the burden and pressure somewhat, giving you time to find a role that truly suits your needs.

    Each and every one of the policies available under the ‘financial protection’ banner can help to protect your family in difficult circumstances such as if you’re out of work or sadly pass away. Life insurance, critical illness cover and mortgage protection policies all pay out lump sums to you or your family if circumstances within the specific policy are triggered so to speak.

    Whilst income protection and family income benefit both pay out regular payments to help financially support you and your family. Here at Oakworth Financial Planning, our experts are on hand to provide tailored advice to you and your family’s situation, giving you the advice you need to make the right decision to protect your family.

    One of the first steps could well be to check with your employers in case they offer it as a benefit. Businesses can often get cheaper rates as they pay for it en masse for a number of people, so we’d definitely recommend that be your first port of call.

    If that’s not an option, we’d certainly advise that you engage with and take advantage of the service that financial advisors like ourselves can provide. We’ll inform you of all the different options available and make all the ins and outs of each policy simple to understand, ensuring you can make the right decision to support you and your family.

    RELATED SERVICES

    Income Protection Insurance

    CRITICAL ILLNESS COVER

    Life
    Cover

    RELATED BLOGS

    Understanding the Winter Fuel Payment: Eligibility and How to Claim (2025/26)

    June 27, 2025|

    Understanding the Winter Fuel Payment: Eligibility and How to Claim (2025/26) At Oakworth , we aim to keep our clients informed about financial matters that may impact their well-being. One such area [...]

    Read More

    Need help? Contact us

    We’re here to provide tailored advice to your situation and your needs. Let us know what you require and we’ll work towards delivering it.

    Oakworth FP

    Registered in England: 03888445 at 45 Newgate, Pontefract, West Yorkshire, WF8 1NB. Authorised and Regulated by the Financial Conduct Authority for Investment Business. Our aim is to provide you with a professional service that delivers the highest possible standards. However, should you wish to make a complaint, you can do so by writing to [email protected] or phoning us on 0800 018 6020. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4567.

    Navigate

    Legal

    © 2025 Oakworth Financial Planning Ltd. T: 0800 018 6020. F: 01977 690026. E: [email protected]

    Go to Top