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Building and protecting your wealth

Focus on Family Finances

Peace of mind for the future of your family is essential, which is why wealth protection and preservation are such an important part of financial planning. It’s surprising, however, how many families aren’t considering how they would fare in the event that they lose their sole source of income.


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



According to Aviva’s Protecting our Families report, a staggering 76% are not prepared if they lose their main source of income.


It might boil down to that traditional family dynamics and milestones are just not the same as what they used to be, but that doesn’t mean you shouldn’t be considering protection.


Life insurance, income protection and critical illness cover

You’ve worked hard to build and grow your wealth, but life is unpredictable. Illness, injury, or death will undoubtedly negatively impact the wealth you’ve tried to cultivate for your family if you don’t have proper safeguards in place.

While the exact type of coverage is going to be unique to your specific situation, your options remain the same to protect your loved ones: life cover, income protection, and critical illness cover, amongst others.

As with any aspect of financial planning, it’s important to revisit your wealth protection plan often, especially if there’s a change in your family dynamics that you haven’t previously been accounting for.


If your family expands from just you and your spouse to include a little one, it’s the perfect time to start thinking about how to provide for them if you suddenly couldn’t work.


According to the aforementioned 2017 Aviva report, 1 in 3 families couldn’t even survive one month without their main source of income. How would your family cope if this happened to you?


Moving home? Review your cover

If you’ve made the all-important step of moving from a rental to your own home, this is yet another opportunity to review your coverage. Do you have any idea how the mortgage, bills, and other expenses would be covered if you couldn’t work?

The Aviva report reveals that 20% of families who have lost the income from their breadwinner ended up downsizing because they simply couldn’t afford to stay in their current homes.

While unfortunate, it’s an entirely avoidable situation if you have protection policies in place.


Always plan for unexpected events

It’s never pleasant to think about a tragedy befalling your family, but if you’re not planning for any unexpected events ahead of time, there’s no telling how much more stressful the setback could be. It’s not as rare as you might think either:

Aviva’s report reveals that 27% of families have experienced loss of income due to illness, injury, or death of the sole earner.

The various types of protection such as disability, accident, critical illness and life insurance protection plans are designed to provide stability when people need it the most. From a financial perspective, being prepared for the unexpected and having measures in place to protect your family from any sudden or long-term financial hardship is one of the soundest things you can do.



Let’s put a plan in place to protect your family

If you’re ready to put a plan in place to protect your wealth and your family, then get in touch with us today. We’ll work with you to determine the type of protection that’s best for your family and help you develop a safety net for when you need it most.


Want to plan for your family’s future?
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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