COOKIE POLICY | PRIVACY POLICY | DISCLAIMER



Tel: 01403 780 770

Building and protecting your wealth

How Can You Plan for Being Sick or Unable to Work?

 

Planning for your family’s future if you become sick and can no longer work is not an easy topic to think about. But coronavirus has put it top of many people’s minds over the last few months. It’s important to have a plan and not leave anything to chance.


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


Protection policies are a cornerstone of financial planning. Ensuring the future of your finances is protected from the risk of disease, injury, or illness is an essential safeguard, and you need a solid plan.


Are you prepared?

Unfortunately, it seems the British public are woefully unprepared and without coverage.

According to Aviva Protecting Our Families Report, only 18% of families with dependent children have Critical Illness (CI) coverage and a mere 13% have an income protection policy.

Furthermore, 36% of parents don’t think they’ll ever need/want CI coverage, while slightly more people (40%) don’t think they’ll need/want income protection.

Have you given any thought to how your family would fare without your income? Even if you feel comfortable with your financial situation as it currently stands, going through a period with reduced or no income can be a huge burden. What kind of protection do you have in place?


What are you protection options?

This is where Income Protection (IP) and Critical Illness (CI) policies come into play. While similar, they’re distinct enough to merit securing both types of coverage.

Critical Illness policies are usually a lot more restrictive than IP – not only in terms of the illnesses and conditions that are covered, but in the protection it provides as you can only make one claim during your policy term. However, you will receive one lump-sum payment which can be used to pay the mortgage or rent, bills, or even groceries. It’s a great way to take care of bigger or one-off expenses.


“I am writing to say thank you for your good advice 11 years ago regarding critical illness cover, as this has reduced my worries about our home being taken away if I could not afford to pay off the mortgage.”
Dr A.G


Income Protection, on the other hand, covers a broader range of illnesses and conditions and these policies are designed to help your family through prolonged periods of being unable to work.

This type of protection is tied to your income, and you’ll receive a monthly benefit after your chosen waiting period for a limited period, or until you either retire or pass away, depending on your policy. Be sure to review the coverage terms carefully as some stipulate that payment will only be rendered if you cannot perform the duties pertaining to your job, specifically, whereas others only dictate the inability to perform any job.



Get in touch

We understand that thinking about the best way to secure your family’s future if you are no longer able to provide for them is probably the last thing you want to think about. But that’s exactly why it’s essential to have the right protection plan in place.

Don’t leave anything to chance – get in touch with us today to review your current situation or if you have any concerns.


Want help to protect your wealth?
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.

icon_phone
Tel: 01403 780 770

 

Follow us on for regular financial and mortgage updates

Twitter                     LinkedIn

If you found this article interesting, why not share it?


Meet the Advisers

With over 20 years experience our advisors can help you meet your business and personal goals.


Who we Help

All our clients are doctors and dentists, just like you. As specialists we know your industry inside out.


Info & News

Make this the place you visit to keep up to speed with financial news for your sector.


Contact Us

Wherever you are in the UK we can help you build and protect your wealth.

Get Connected

to our specialist team

Tel: 01403 780 770
Email: info@dentalandmedical.com

Keep Updated

Simply register your name and email below and receive our updates direct to your inbox

Dental & Medical Financial Services News Updates

Just for doctors and dentists

Read more news

COOKIE POLICY | PRIVACY POLICY | DISCLAIMER


Dental and Medical Financial Services is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority. Company registered in England no. 9158580 Registered office: 1 Market Square, Horsham, West Sussex, RH12 1EU

© 2014 Dental & medical Financial Services. All rights reserved. Website design by Goldmine Media.