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Building and protecting your wealth

What Do You Want to Protect The Most? Your Loved Ones of Course!

A cornerstone of financial planning should be ensuring that you can generate an income for your family and loved ones in the event of a serious illness, injury or untimely death. If your family is dependent on you financially, it just makes sense that you have a safety net and plan in place to cover expenses while you recover, or in the event of your passing.


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


With so many things to worry about from mortgages to pensions and everything in between, planning for what happens to your loved ones should something happen to you might fall by the wayside. But the last thing you want in a stressful situation is for you or your family to be worrying about money.


When it comes to protection there are three main avenues to explore.

Life Cover

Life cover is a unique type of wealth protection as it’s meant to make sure your family has the money they need to survive in the event of your death.

If you have an outstanding mortgage, you should consider a life insurance policy as it mainly serves to replace income that you earned previously that will no longer be coming in for your family. However, it’s always a good idea to build a little bit of a cushion into the policy to deal with any unexpected expenses. Pay out for the policy is in the form of a one-time lump sum.

Income Protection

Income protection (IP) will help you and your family weather the storm of an illness or injury. IP is actually tied to your income and will usually pay out 50%-65% of your gross income (tax-free) while you’re off work. You can make multiple claims during your policy term and payments can be continuous until retirement or death.

Some might stipulate that in order to receive payment you should not be able to perform the functions of your specific job while others might only stipulate you can’t perform the functions of any job. The illnesses covered under IP are broader than those covered in Critical Illness Cover. Of course, each individual policy differs so be sure to check yours.

Critical Illness

Critical Illness cover is very similar to Income Protection, but as mentioned, the illnesses that the policy will offer pay outs for are more selective. You can also only make one claim during your term and you will only receive a one-time lump sum payment.

The money you and your family receive can be used to help pay the mortgage or rent, bills, or even groceries, providing you and your family peace of mind during a difficult time.



What’s right for you?

When it comes to protecting your family’s financial future, you should consider taking out all three types of wealth protection and preservation options, but if you need help prioritising coverage, don’t hesitate to reach out to a financial adviser for professional advice.


Want help to protect your loved ones?
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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