Financial Security
We’re available day and night to advise and assist you in protecting your finances, home and loved ones.
Appointments to 9pm, Low or No Fees, with all Financial Advice services available in house.
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What we do
Open Financial Advice works with clients to understand the potential risk that the future may hold around death, illness or incapacity. Our approach is to arm clients with all the important information in this field for you to make the best decision for you. We may see that you have an insurable interest, particular risk or existing plan and our aim will be to ensure that you are firstly aware and then advised on how to eliminate any risk accordingly.
How we do it
Because we understand how insurance providers and their specific products work, we can assist you in building a portfolio of financial security plans best suited to any range of potential financial issues. We focus on obtaining a solid breadth of coverage to cover as many risk bases as possible at the lowest possible cost aiming to steer you, your family or your business through difficult times with financial ease.
Why work with us
At Open Financial Advice, we have access to a full range of products including some that are unavailable directly. We also take great care in our work on financial security, ensuring all plans are underwritten at the highest degree of accuracy to ensure claims are in the best position to be met. We’ll advise you on trusts, legacy planning and we’ll make sure your plan is kept up to date with changes on your mortgage and financial position.
Decreasing and Level Term Life Protection
Critical Illness can be added to either type, providing a payout upon the diagnosis of a qualifying critical illness within the plan term. Providers vary in terms of conditions, benefits, and advantages, making it crucial to seek guidance from a specialist protection advisor due to the multitude of available plans.
Income Protection
Income Protection is designed to pay out a proportion of your income in the event you are unable to work due to any illness, accident or injury post the period of time you receive employee sick pay. You can obtain Income Protection up to a maximum of 70% of your annual gross salary or this can be set to a specific figure to protect the household, bills and lifestyle. It is widely regarded when coupled with Life Cover, it provides a strong outlook in protecting finances into the future.
Due to the breadth of areas financially protected and its comprehensive level of security, it is one of the most popular benefit types today and for the same reason, it can be more difficult to obtain for those who have one or two blips in their medical history. However, we have a free facility at Open Financial Advice to write out on your behalf anonymously to all providers to get indication of which providers would offer the most favourable of terms and to obtain the lowest possible costs for a vital part of your overall financial security portfolio.
Critical Illness Cover
Critical illness refers to a type of insurance coverage designed to provide financial support in the event of a policyholder being diagnosed with a specified critical illness or medical condition during the policy term. This coverage typically includes serious illnesses such as cancer, heart attack, stroke, and other life-altering medical conditions.
In the event of a valid diagnosis, the policy pays out a lump sum or regular payments to the insured individual. This financial support aims to assist with medical expenses, lifestyle adjustments, and other financial challenges that may arise due to the critical illness.
Critical illness insurance can be purchased as a standalone policy or as a rider/add-on to a life insurance policy. The terms and conditions, covered illnesses, and benefits can vary among insurance providers, making it important for individuals to carefully review and understand the policy details before making a decision. Seeking advice from insurance professionals can help individuals tailor their coverage to suit their specific needs and circumstances.
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We’re here to advise you in a holistic way to help you meet your goals now and in the future.
Family Income Benefit
Family protection ensures financial well-being in unforeseen events. It includes life insurance, providing a payout for various expenses like mortgages and education. Critical illness coverage adds extra protection for serious medical conditions. Customizable plans consider family size, lifestyle, and goals, offering tailored strategies for peace of mind. Seeking guidance from insurance professionals ensures a secure plan for your loved ones.
Whole of life cover
Whole of life cover ensures lifelong protection with a guaranteed payout to beneficiaries upon the policyholder’s death. Unlike term life insurance, it has no expiration date, offering a permanent financial safeguard. Although premiums are higher, this coverage is a valuable part of financial planning, providing long-term security for loved ones and addressing inheritance and estate considerations. Careful review of policy details and consultation with insurance professionals are essential to assess alignment with individual needs and financial goals.
Business protection
Business protection is a crucial component of securing the financial stability and continuity of your business. This insurance encompasses various strategies designed to shield your business from unforeseen events, ensuring that it can weather challenges and continue operations smoothly.
Key elements of business protection include:
1. Relevant Life Plan: An effective way for businesses to offer life insurance as an employee benefit. Relevant life plans provide individual life cover for employees, offering financial support to their families in the event of death or critical illness.
2. Shareholder Protection: In the event of a shareholder’s death or critical illness, shareholder protection provides a mechanism for the remaining shareholders to acquire the affected shareholder’s stake. This ensures a smooth transition of ownership and prevents disruption to the business.
3. Partnership Protection: Similar to shareholder protection, partnership protection helps businesses manage the impact of a partner’s death or critical illness. It provides the necessary funds for the remaining partners to purchase the departing partner’s share, facilitating a seamless transition.
4. Key Person Insurance: Safeguard your business against the financial impact of losing a key employee due to death or critical illness. Key person insurance provides a financial cushion to help the business manage during such challenging times
Business protection is a proactive and strategic approach to mitigating risks and safeguarding the financial well-being of your business. Whether you’re a sole trader, a partnership, or a limited company, exploring tailored business protection solutions can provide peace of mind and ensure the resilience of your enterprise in the face of uncertainties.
Consult with our experts to customise a business protection plan that aligns with your unique needs and objectives.