February is National Heart Month, and with 2.6 million people in the UK who live with Coronary Heart Disease (CHD), chances are you may know someone suffering from the disease, run the risk of developing a heart condition, or are afflicted yourself.
This does not constitute advice and advice should be sought in all instances before acting on it.
Of course, there are a number of heart conditions out there and many can be managed or prevented entirely with a healthy diet, a proper exercise regime, and keeping your blood pressure in check.
In the event you or someone in your practice does fall ill with a heart-related illness, do you have a plan in place to survive financially?
It might strike some as a bit morbid to plan for illness or injury, but it’s actually quite practical. If the time ever comes where you do suffer a heart attack, you’ll want to know that your house is in order so all you need to do is focus on recovery. The great news is that there are options for you to consider so you’re covered.
Critical Illness Cover
We’ve discussed critical illness cover over the years and why it’s critical to consider a policy that fully covers you in the event of any illness. Luckily, heart attacks are covered in most policies, but not all common ailments may be included, so it’s extremely important to thoroughly review the conditions covered in any possible policy.
Income Protection
Another option is income protection. The argument stands that because you may find more illnesses are covered under income protection, and you can choose from short or long-term protection, you have more choice and therefore, could actually be the smarter choice.
Either way, it seems that a huge portion of the population is not prepared for a potential health condition that prevents them from working.
According to a 2017 Mintel Income Protection Report, a shocking 41% of respondents reported they would struggle to cover all their bills if they were to fall ill. A meagre 10% hold income protection insurance that would cushion the blow to their bank accounts should they ever find themselves too sick to work.
Practice planning
Now that it’s clear how important protecting yourself financially is, your next focus should be to plan for protecting yourself professionally.
There are a few things you should discuss and agree upon within your practice prior to anyone, including yourself, falling ill. Who can provide patient cover for someone else while they are off sick? It’s important to have a coverage plan for any and all members of staff to ensure nothing falls through the cracks and the practice remains profitable and in good standing with its patients.
Locum Insurance
Locum insurance is certainly worth considering for your practice, or as an individual. It will most likely cover you in the event of unplanned absences, but be sure to scrutinise your policy to ensure it covers events such as absences due to heart-related conditions, as all policies will vary. You can also secure locum insurance for yourself, so you’ll need to weigh your options carefully.
We’re here to help you plan for the future
As financial professionals that specialise in the dental and medical fields, we have years of experience in helping individuals and businesses guard against the financial consequences of unexpected events. The last thing doctors and dentists want is for a health-related detour to undo years of hard work. While we can’t control the future, we can certainly help you plan for any and all speed bumps along the way.
Contact us to discuss your plans to protect your future from unexpected events.
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