Why financial protection matters for PGA Members

PGA Members face unique financial challenges and risks. Whether employed, running your own business or a hybrid of both, the right protection ensures your income, family and your financial future are secure. 

Daniel Parkes is a former Advanced Member of The PGA with over 14 years' experience across the industry, best known for his coaching success. Now a qualified Financial Advisor running his own firm, he focusses on supporting PGA Members, offering tailored financial advice to help them plan confidently and get the most from their professional journeys. 

In my experience, many Members are under-covered and leave themselves exposed to potential financial risks.  

In our sport, we all have the ‘stock shot’ that we like to play or teach when under pressure or the risks are increased. Financial protection is exactly that, for you to fall back on in times of financial pressure or hardship. It gives you peace of mind that you, your family and your business are prepared for whatever uncertainty life throws at you. 

The three main areas to consider are: 

• Loss of income – If you were unable to work through accident or injury 

• Serious Illness – If you were to suffer a serious illness diagnosis, such as cancer, that affected your ability to work 

• Death – In the event of your death 

As a first step, review any financial protection that you currently have in place. Often this could have been set up when taking out a mortgage or getting a new job. 

If you are employed, check your contract for any staff benefits that you might be entitled to in the event of an accident, injury or serious illness 

Consider whether you qualify for any state benefits such as statutory state sick pay. 

Now ask yourself, is this enough? 

Types of financial protection 

Income & profits insurance 

A long-term policy that replaces a portion of your income, tax free if you are unable to work through accident or injury, which ensures you receive a regular income until you retire or are able to return to work.  

Businesses can also protect profits if a key member of staff (a director or key salesperson) is unable to work through accident or injury and profits would be negatively impacted. 

Serious illness cover 

Provides lump-sum payment on diagnosis of a specified illness such as heart attack, cancer or stroke. The tax-free, one-off payment can be used to support treatment, clear debts such as a mortgage, or support with care and adaptations around the house. 

Life & family protection 

Provides financial support to beneficiaries if you were to pass away which can be used to cover expenses such as the mortgage, loans or replace the loss of income.  

What next? 

Start by reviewing any cover you already have, then explore the different types of financial protection available to see what best suits your circumstances. No two people are the same — so it's essential to do your own research when choosing a financial adviser or selecting the right cover for you. Remember: some protection is better than none at all.

Find out more 

For further financial management support, check out the range of resources available on PGA Learn.

To find out more about how The PGA can support you during times of need, head to PGA Care.