Protection Planning
Your income depends on your body. Protection is what keeps the plan standing if that changes.
In most professions a serious injury interrupts an income. In sport it can end one. Contracts can be cut short, insurance built into a club deal usually stops when the deal does, and the mortgage and the family carry on regardless.
Protection is the part of a financial plan that is only ever judged in hindsight — which is why it is worth getting right while you are fit and insurable.
Four things, usually in combination:
Life cover — a lump sum for your family if the worst happens. Critical illness cover — pays out on diagnosis of a defined serious illness, not only on death. Income protection — replaces part of your earnings if illness or injury stops you working. Career-ending insurance — specialist cover for a permanent injury that ends your playing career, arranged through specialist sports underwriters rather than the high-street market.
“I’m worried about what happens if I get injured.” “I’ve just signed my first professional contract.” “We’ve got a baby on the way.” “I’m about to take on a mortgage.”
Cover is priced on your age and your health at the point you apply, so the cheapest it will ever be is now. It is also worth reviewing whatever your club already provides, because it is rarely as much as players assume and it rarely follows you.
We work out what you would actually need if you could not play — covering the mortgage, the family, and a realistic period without income — and what you already have through your club or a previous policy.
Then we arrange the gap, explain exactly what each policy does and does not cover, and review it when your contract, club or family circumstances change.
Franklyn have been incredible to work with over the past two years. They’ve been a massive help in organising my finances whilst educating me along the way.
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