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Building and protecting your wealth

Doctors are Making Income Protection and Life Cover a Key Priority

In uncertain and challenging times like we’re currently living in, we want to let healthcare workers know that we’re here to help and give you the advice and peace of mind you need to make sure your family remains financially secure, whatever happens – and let you focus on the vital role you play today, and every day.


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


Firstly, thank you.

The situation with the coronavirus outbreak changes daily, but one thing stays the same: healthcare professionals are on the front line, interacting and treating patients with COVID-19 every day. While the directive from the government is advising social distancing, self-isolation and quarantine, doctors, nurses, and other medical professionals put themselves in the line of fire to ensure as many people as possible beat this virus and get back home to their loved ones.


When you’re working in high-stress situations during this pandemic, you need to be focused on the task at hand, not on the possibility of contracting the virus and falling ill.

If you do get sick, you’ll have to stop working for the safety of yourself and others around you, leaving one less person to fight the outbreak. Unfortunately, as the world grapples with preventing the spread of COVID-19, more and more doctors are contracting the virus.

If you’re off work, are you prepared to cover your expenses?


Wealth protection plays a vital role now

Securing policies that ensure your family is provided for if you become sick or die is crucial, so now is the time to act.

If you already have an income protection or critical illness plan you should review your policy to ensure an illness like the coronavirus is covered. If not, contact your provider to get your policy updated if possible.

If you don’t currently have coverage, act now, whilst options are still available.


Important note: Keep an eye on your policy

There are a few insurance companies that have stated they’ll be denying claims for individuals who submitted them after 16 March for self-isolation, only making exceptions if the case falls under NHS guidelines.

Other providers are enforcing an 8-week deferment period for any new applications and coronavirus or any condition or disorder relating to it (including respiratory tract infections and influenza) will not be covered, and most likely won’t be in the future.


Breakdown of types of coverage:

Income Protection

  • Meant to help you and your family financially survive an illness or injury.
  • Directly related to your income and usually pays out 50%-65% of your gross income (tax-free) while you can’t work.
  • You can submit multiple claims during your policy term and payments can continue until retirement or death.
  • Some policies might have pay out terms dependent on whether or not you can perform any job while others will dictate that you’re unable to perform your job, specifically.
  • A wider variety of illnesses are covered compared to Critical Illness Cover.

Critical Illness

  • Similar to IP, the money received can be used to pay the mortgage, rent, bills, or even groceries.
  • The illnesses covered are more selective.
  • Only one claim allowed during your term.
  • Pay out is in the form of a lump-sum.

Life Cover – for when the worst happens

  • Ensures your family has the money they need to survive in the event of your death.
  • Ideal for outstanding mortgages since it is meant to replace the income that you earned while alive that will no longer be available to your family.
  • It provides a cushion to deal with any unexpected expenses if built into your figure.
  • Pay out is in the form of a one-time lump sum.

We’re here to help

Your financial health and wellbeing are second only to your physical and mental health for the team here at Dental and Medical. If you feel like you need extra support to help get you through the rough economic times ahead, 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 telling when things will settle down and return to normal, but in the meantime, 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.


I’m here to help you protect your financial position in challenging times
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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