As a healthcare professional, you probably know better than anyone the importance of safeguarding one’s health. While many people look after their mental and physical health, what many people overlook is the need to safeguard their wealth in the event of a serious health issue. It’s easy to see why you might have missed out on preparing yourself financially for a health challenge as your focus is often on the health of others. But it’s crucial that you’re prepared for any possibility.
This does not constitute advice and advice should be sought in all instances before acting on it.
To learn how to protect your finances, and the importance of critical illness cover, income protection, and private health insurance, read on.
Preparing for the unexpected
In the event that you receive a serious health diagnosis that leaves you unable to work, do you know how you would cope financially during treatment and recovery? Would your family be able to maintain their quality of life and cover essential expenses without your income? These are sobering questions that everyone who provides financially for their family should consider.
The unfortunate truth is that one in three people will experience a life-altering health event such as cancer, a heart attack, or a stroke in their lifetime. Given the risk of these conditions, it’s essential to prepare for any and all possibilities. Consider wealth protection policies to ensure that you and your loved ones are financially protected during difficult times.
Customised wealth protection
Critical illness cover, income protection, and private health insurance are great tools to have in your financial toolbox to help safeguard your financial well-being. Upon diagnosis of a covered serious health issue, critical illness cover provides a lump sum payment, providing financial support to cover medical expenses, mortgage payments, or any other financial obligations.
Income protection also acts as a safety net. Income protection provides regular payments, equivalent to a portion of your income if you’re unable to work due to illness or injury, allowing you the ability to continue to meet your financial commitments and support your family during periods of being unable to work.
Both critical illness cover and income protection are designed to help you financially in the event of illness or injury, but there are differences that could sway you one way or another. It’s always best to secure full coverage, but if you need help deciding which one is right for you, contact your financial advisor for guidance.
The benefits of private health insurance
Private health insurance offers access to prompt medical treatment and specialist care, bypassing sometimes lengthy NHS waiting times. With private health insurance, you are more likely to be diagnosed and treated quickly, eliminating the need to worry about being seen in a timely manner, which will allow you to concentrate on getting better. Private insurance is one way to have peace of mind during challenging health situations.
Planning for the future with a financial advisor
Financial protection is not a luxury, it’s a necessity. Don’t overlook the importance of critical illness cover, income protection, and private health insurance when creating your financial plan. To review your financial plan and ensure that your wealth protection strategy is up to date, schedule some time with one of our experts today.