Insurance & Protection

Protection insurance is designed to provide financial support when an event such as death, serious illness or an extended period away from work affects you, your family or your business. Different policies cover different circumstances, so protection planning should begin with an assessment of the financial risks and responsibilities that need to be addressed.

PF Financial can review your circumstances and help identify the areas where suitable protection may be worth considering.

Life insurance normally pays a benefit if the insured person dies during the policy term. Critical illness cover normally pays if the insured person is diagnosed with one of the serious illnesses covered by the policy and meets the relevant definition. The conditions, exclusions and payment terms vary between policies.

Our advisers can explain the differences between the available types of cover and help you consider whether one policy or a combination of policies may be appropriate.

Income protection is intended to provide a regular income if illness or injury prevents you from working. Policies can differ in the proportion of income covered, the period before payments begin and the length of time benefits may continue. Any recommendation should reflect your income, employment benefits, expenditure and existing savings.

PF Financial can help you assess how long you could manage without your usual income and identify the type and level of cover that may suit your needs.

Mortgage protection is generally arranged to help repay or contribute towards an outstanding mortgage if the insured person dies during the policy term. Critical illness cover may sometimes be included or added, depending on the policy. The amount and term of cover can be aligned with the mortgage being protected.

The appropriate amount will depend on what the policy is intended to protect. This may include a mortgage, household expenditure, family income, education costs, debts or business responsibilities. Existing savings, workplace benefits and current insurance should also be considered before deciding on the level of cover.

A personalised protection review can help you understand the potential financial shortfall and avoid arranging significantly more or less cover than may be needed.

Existing cover should be reviewed periodically and following significant life changes, such as moving home, taking a new mortgage, having children, changing employment or starting a business. A review can identify possible gaps, unnecessary duplication or policies that no longer reflect your financial responsibilities.

PF Financial can review your existing policies and help you understand whether they remain appropriate for your current circumstances.

Premiums can be influenced by the type and amount of cover, policy term, age, health, occupation, lifestyle and smoking status. Policy definitions, exclusions and optional benefits can also affect the cost. The cheapest policy will not necessarily provide the most appropriate protection for your needs.

Relevant Life Cover is a life insurance policy arranged and paid for by an employer for an employee or director. It can provide death-in-service benefits outside a traditional group scheme. Its suitability and tax treatment will depend on the structure of the arrangement and the circumstances of the business and insured person.

PF Financial can help business owners and directors understand how Relevant Life Cover may fit alongside their wider personal and business protection arrangements.

Shareholder protection is intended to help provide funds for the remaining shareholders to purchase the shares of a shareholder who dies or experiences an insured critical illness. Appropriate insurance and legal agreements may help provide greater certainty over the future ownership and continuity of the business.

Our advisers can work with you and your professional representatives to assess the financial protection requirements of the business.

Claims are assessed against the policy terms, definitions and exclusions. It is important to answer application questions fully and accurately and to understand exactly what is covered. No adviser or insurer can guarantee that every future claim will be accepted.