Concerns at the start of the pandemic over whether or not insurers would cover coronavirus related claims were unfounded. In fact, insurers have paid out over £90m in death claims alone since the outbreak of COVID-19.
This does not constitute advice and advice should be sought in all instances before acting on it.
According to the latest data from the Association of British Insurers, at the height of the crisis, insurance companies received 7,000 life insurance claims from families of people who died due to the virus.
While claims are still being paid out, they are all being accepted. On term insurance policies, the average expected pay out is about £63,000, while claims on group policies saw an average pay out of £137,000.
Money is certainly no consolation for losing a loved one, but protection insurance is designed to provide the financial help that families need to get through difficult and distressing times. Insurers are committed to supporting families that have been hit by the virus. Medical professionals on the frontline, in contact with COVID-19, run a higher risk of contracting the virus so it’s important to protect yourself and your family against the worst case scenario.
Catastrophe Cover
With the world the way it is, no one can predict the future, but we can plan for it. As specialist financial advisers, with extensive experience in assisting medical, dental and other professionals, DMFS can help you look at a variety of options for wealth protection, such as:
- private medical insurance, income protection
- serious illness,
- how to assign a power of attorney,
- the need for a will, and
- even how to create a long-term care plan.
Choosing the right coverage
When it comes to life cover providers and plans, there are a number of options available, but they’re all meant to provide a financial safety net for your family in the event that you pass away unexpectedly. The right policy can ease the potential burden for your family and provide peace of mind for the policyholder.
Your family can use the pay out from your insurance provider for pretty much anything, for example:
- repaying a mortgage,
- covering the inheritance tax bill after your death,
- paying off loans or any other outstanding debt,
- or anything else your family chooses to spend it on.
Wealth protection planning
Wealth protection might seem like an unnecessary expense, but this year has proven just how essential the investment is. Get in touch today to secure the right cover for you.
Need help planning ahead for your family?
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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.