How can I protect my client’s family finances?


Protection advice is often considered to be the foundation of holistic financial planning, and without the right protection plans in place, clients might find all other financial plans could be less effective. 

The right protection

When it comes to advising families about protection, the objective is to ensure that they have the funds to cope during difficult life events like a premature death, the diagnosis of a serious illness or having to take time off work due to an injury or illness. 

One aspect many do not think about, or understandably do not want to think about, is the impact on their finances if their child becoming seriously ill.

In 2022 Royal London paid out more than £1.89mn, helping nearly 100 families who were dealing with the serious illness or death of a child. The average age of a child at the time of the claim was just 11.

As well as the emotional stress this puts parents through there are often significant financial concerns too, from changes in daily living costs and loss of earnings due to hospital visits and caring for a sick child. 

In addition, in the same way that life cover is important in case one parent dies, it is especially critical if both parents were to die. Covering more than the mortgage is a good idea if they would like their children to keep the same lifestyle they already have.


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