Talking Point  

New protection adviser targets SMEs

New protection adviser targets SMEs

A new protection adviser has launched aiming to target small and medium sized enterprises.

Specialists4Protection, a trading style of Pi Financial Ltd, is targeting SMEs to help them ensure their staff have adequate life, critical illness and health insurance.  

Paul Litster, managing director of, said his company’s research revealed only 31 per cent of people claim to have life insurance or death in service benefit through work. 

Mr Litser said: “It is alarming to see how many people who should have life insurance don’t, but also how underinsured most people with this cover are. 

“If you have dependents, having adequate life insurance is one of the most important financial decisions you will ever make, but many people tend to just pluck a figure from the air when deciding on their level of cover without working out what their loved ones would need should they die.

“Many people rely on financial advisers to help ensure they have adequate cover, but with fewer operating in this market the chances of people ending up with the wrong type and level of cover increases.

“One of the best ways to tackle this problem is in the workplace, so we are targeting SMEs who want to help ensure their staff is adequately covered.”

The company warns that of those people with life insurance, the vast majority are hugely under-insured.  

Around 23 per cent of those with this cover only have the equivalent of one year’s salary, and a further 19 per cent have two years’ income.     

Level of life insurance coverPercentage of people with life insurance who have this level of cover
One year’s salary23%
Two years’ salary19%
Between three and five years’ salary30%
Between six and 10 years’ salary17%
Between 11 and 15 years’ salary5%
Between 16 and 20 years’ salary3%
Over 20 years of my salary3%

Kevin Carr, chief executive of Protection Review, said: “Anything that helps more families to be better protected should be welcomed by the market. 

“The good thing here is that it looks like the company is independent and keen to give advice (as opposed to being non-advised as so many other firms are). 

“There is not anything particularly new about the model from what I can tell and there are lots of independent advice firms out there specialising in protection. But there’s room for more, especially with the focus on SMEs and business protection.”