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Four Reasons To Review Your Income Protection Cover

The importance of Income Protection (IP) has become clear over the last few months. IP is designed to provide a source of income for your family if you’re unable to work due to illness or injury – something that increased in likelihood due to COVID-19.


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


Income Protection is one of three main wealth protection policies, along with Critical Illness (CI)  Cover and Life Cover – all meant to provide a financial cushion during hard times.

CI often comes hand in hand with IP as the payout methods differ — lump sum for CI versus regular payments with IP — and the terms and conditions are also different. Life Cover (LC) is meant to provide for your family in the event of your death, so it’s not really comparable and should be considered separately as part of your wealth protection plans.


Here are four reasons it might be time to review your income protection policy:

1. Your income has changed
Since IP policies are tied to your income, whenever your income changes, you’ll need to review your coverage. If you haven’t updated your policy in a while it could be out of date and you could possibly be over or underinsured. Keeping an up to date policy ensures you get the right amount of financial support should you need to make a claim.

2. Planning to work past 60
Many outdated IP policies are set to expire at 60 years old. Nowadays, many people are working well past that age — choosing to work until they’re eligible to draw from their NHS Pension. The exact age will vary based on the version of the scheme you’re enrolled in, but many NHS members are working until 67 or 68. If that’s your plan, you should review your IP plan to make sure you’re adequately covered.

3. Significant life events
Any major event that may have a bearing on your finances merits a review of your wealth protection policies. Purchased a new home? Had a child? Got married or perhaps, divorced? These would all be instances where you should review your IP policy as you’ll need to adjust your plan for any change in financial responsibility – and you want to be adequately covered should you find yourself unable to work.

4. New options available
The insurance world is constantly evolving and innovating to provide better products for clients. So, it stands to reason that a new product might have come on the market that’s better suited to your needs. Many newer policies offer additional benefits like better recovery support and more specific language around your occupation. Other possible benefits available in new policies include fracture cover for shorter-term injuries like fractures or broken bones and global cover that will help find a specialist for your illness and cover the treatment no matter where the provider is in the world.



Get covered

If you need to review and update your Income Protection Cover, 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 time like the present and 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.


Ready to review your income protection plan?
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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