For doctors and dentists who dedicate their lives to the well-being of others, the importance of safeguarding their own physical, mental, and even financial health often takes a back seat. But it’s important to understand the risks associated with remaining unprotected. To learn what the chances are that you’ll need wealth protection insurance and what you can do to protect and preserve your wealth, read on.
This does not constitute advice and advice should be sought in all instances before acting on it.
Prepare for the unexpected
Everyone thinks that illness, injury, or unexpected death are things that won’t happen to them. But the reality is that it is highly likely you could face unexpected health issues that would merit making an insurance claim.
According to recent data from Sapience Financial, the chances of needing to make an insurance claim due to critical illness stand at a staggering 1 in 3.
This means that many people could find themselves grappling with the financial aftermath of a severe health setback. Without protection, they’ll have little to no recourse to help them through a difficult time.
Income protection is another vital aspect of wealth preservation and is not far behind in terms of statistics. According to the report, the odds of making a claim for income protection are 1 in 4. The fact that one quarter of respondents reported making a claim reinforces the idea that even the most resilient individuals need help in the face of unexpected twists and turns in life.
While Life cover is often viewed as a safety net for loved ones as opposed to the policy holder, it is still essential for doctors and dentists. The statistical probability of needing to claim life cover is 1 in 10. While its use is not as prevalent as other insurance policies, it may seem like a less immediate concern compared to critical illness or income protection, but the impact of inadequate life cover on family and dependents can be devastating. Don’t leave your loved ones in the lurch; ensure they are protected from financial uncertainties.
Assistance getting protection
These figures might seem frightening, but they’re meant to serve as a warning about the critical need for doctors and dentists to embrace wealth protection insurance as an integral part of their financial planning.
Dental & Medical Financial Services urges doctors and dentists to review their existing insurance policies with their trusted financial adviser today. A thorough examination of your coverage might reveal potential cost-saving opportunities and improvements needed for your existing policies. Get in touch to book your review today.