When you work with a financial adviser, you might have certain goals in mind, but it is our priority to ensure all areas of your finances are taken care of—and that includes not only building your wealth, but protecting it.
This does not constitute advice and advice should be sought in all instances before acting on it.
It can be hard to talk about wealth protection, but ignoring it won’t do you any favours. It is essential that you have a plan to provide for your family should you be unable to work due to illness or injury, or if the unthinkable happens and you die.
The question I always ask doctors and dentists is: Do you have a good enough plan in place so your family is provided for if your income is lost?
It might seem like it will never happen to you, but if this year’s coronavirus pandemic has taught us anything, it is that even someone who is healthy and working one day could become sick and unable to work the next. And if you don’t have a plan to keep money coming in, you will have more to worry about recovering than just your health.
Protection is essential…
Saving and investing are undoubtedly essential, but first, you need to protect what you have earned before growing your wealth further.
This is why it is our responsibility as financial advisers to inform our clients of the various ways in which you can protect your income.
…and it’s not just for the wealthy
Contrary to what some might think, wealth protection is for everyone, not just the exceptionally wealthy or older people with worries of falling ill. In fact, it is highly beneficial for you to have a plan to provide for your family and it doesn’t need to be costly – there are varying levels of protection and premiums increase with age, so it is smart to get covered sooner rather than later.
Choose a protection plan that suits your circumstances
We recommend a three-pronged approach – life insurance, critical illness cover and income protection – to ensure you are covered no matter what happens. But we understand that this isn’t always possible so we will also help you prioritise and select policies that provide all the coverage you need, including any additional benefits.
Providers are working hard to make their policies appealing, starting with offering coverage for a wider range of conditions, but also providing extra incentives to sway you in their direction as the market has plenty of options.
So, what could possibly be preventing you from getting covered?
The minimal cost is offset by the value of the assets you’re protecting and the peace of mind protection brings. There is no saying “It won’t happen to me,” because the truth is that there is no way to tell when injury, illness, or death will strike.
If you’re just not sure where to even begin, check out our protection comparison tool to get a feel for what’s available before meeting to discuss incorporating wealth protection into your financial plan.
Get covered
If you need to review and update your Income Protection, Critical Illness Cover, or Life Insurance policies, we’re here to help.
Darren Scott-Guinness, our financial expert, is on-hand and available to talk through your financial protection at a time to suit you.
There’s no time like the present and we’re available and waiting to help you. We’re just a call, text, or email away, so don’t hesitate to reach out today.
Want to build a solid protection plan?
Investments | Financial Planning | Retirement | Save Tax | Protection |
Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.