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Building and protecting your wealth

The 5 Golden Rules to Protecting Income

We always stress the importance of protecting your income to all our clients. It’s a way to achieve long-term financial stability and should be high on everyone’s priority list. Our financial expert, Darren Scott-Guinness, shares some of the things you should be thinking about when planning for the unexpected.


This does not constitute advice and advice should be sought in all instances before acting on it.




Financial planning is all about preparing for the future. When working out the right financial plan, we always think about a mix of investing and saving. However, it’s essential to consider protection of your income and assets as well.


By protecting your income, you’re also safeguarding your credit score, preserving your future, and strengthening your ability to bounce back from temporary setbacks caused by being unable to work.


Incorporating income protection into your financial plan is easy, here are some golden rules to keep in mind:

1. Think holistically

Don’t just think about income protection as protection against one possible single bad event. There are a variety of reasons you may need to make a claim against your policy and the idea is to be shielded from any eventuality. Your financial adviser will make sure your coverage helps you be as prepared as possible.

2. Focus on your priorities

While it’s ideal to be prepared for anything and everything, it might not be realistic for everyone to do so. If you can’t afford all three types of wealth protection (income protection, critical illness cover and life insurance) then choose the one(s) that provide defense against what you’re most concerned about and work from there.

It’s important not to limit yourself, as well. These are the three main types of coverage, but an adviser will be able to unearth some lesser-known, but equally as beneficial, types of protection.

3. Change your thinking

Try to identify why you might be averse to protecting your income.

  • Is it a financial issue? There are cost-effective policies to ensure you’re covered.
  • Do you think you will never get sick or injured?
  • Do you think you have enough savings to weather the storm?

Life is unpredictable and there’s no guarantee that even if you do have a personal cushion that it will last – you might be off work for a lot longer than you ever could anticipate or get a long-term illness that requires more time off work than you ever thought you’d need. Recognise what’s stopping you from choosing coverage and work with your financial adviser to find the right solution.

4. Don’t put off choosing coverage

As with most financial matters, the earlier you’re protected, the better. While many people think that illness is more of an issue when they’re older, the truth is, there’s no way of knowing when or how you could become sick or injured. Illness and injury don’t discriminate and any time is the wrong time to be caught unawares.


“With thanks for your guidance and putting together a suitable family protection package.”
Dr Anne Henderson, MA MRCOG, Consultant Obstetrician & Gynaecologist & Mr Mark Waterstone, MRCOG, Consultant Obstetrician


5. Work with an expert 

If you’re new to income protection or looking to upgrade your coverage after a recent life event, your first step should always be to meet with an independent financial adviser who’ll be able to walk you through the process and help you find the right policy for you. Even if you’re not a novice, a professional opinion could make all the difference. Even our most knowledgeable medical and dental clients appreciate the added support and peace of mind of professional advice.


Find out how we can help

Income protection is unique for every individual and your personal circumstances will dictate how much and which type of coverage you’ll need. Don’t hesitate to get in touch to schedule a wealth protection audit. Peace of mind is within your reach — call today.


Let’s talk about protecting your income!
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.
Call Darren to discuss your options.

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