Financial planning is not just about building and protecting your wealth, it’s about safeguarding the well-being of your family and loved ones. While it’s not the most pleasant of topics, thinking about what would happen in the event of your passing is a crucial aspect of planning for the future. Ensuring you have the right life insurance coverage to minimise the financial burden on your family is the first step in protecting your family’s finances. Learn more about life insurance by reading on.
This does not constitute advice and advice should be sought in all instances before acting on it.
Protect your family’s finances
You might feel like you don’t need life cover (also sometimes referred to as death cover) but if you have anyone that depends on your income, then life insurance is not negotiable. Life insurance provides a financial safety net in case of your untimely death so they can cover the mortgage and other living expenses.
It’s important that you choose the right kind of insurance and amount of coverage. To do this, you’ll need to consult with a professional. Getting expert financial advice will go a long way in ensuring that you select the coverage that suits you and your needs, including the sum assured, premium, terms, and payment provisions.
To obtain the right coverage, start by asking yourself the following questions:
- What do I need to protect?
- How much coverage do I require?
- How long will I need the coverage?
The answers to these questions will take into consideration your family’s living costs and outstanding liabilities and will help inform your final decision on the policy you secure.
Coverage for any stage of life
Life insurance isn’t something you secure and never revisit again. As your circumstances change, so will your coverage needs. If you fail to update your policy when your life changes significantly, then you may not have the right amount of coverage should your family need it.
For example, you should update your coverage if you become a homeowner, have a change in relationship status like marriage or divorce, or start a family. Because life insurance is designed to provide cover for your family in the event of an unexpected death, you will need to accommodate any change to your family unit
Factors considered when obtaining coverage
How much your policy premiums cost will depend on several factors such as coverage amount and policy length, as well as the policyholder’s age, health, lifestyle, and smoking habits.
In terms of coverage, if you have dependents, you should have enough protection for them to pay off your mortgage and any other outstanding liabilities at the time of your death. All of this will contribute to the final policy you end up choosing.
Looking for Life insurance?
There are hundreds of providers and life insurance policies available for doctors. If you’re not sure what exactly you’re looking for — or even if you are — it can be difficult to find the right policy among all the options available.
Speak to the experts at Dental & Medical Financial Services to get help securing coverage. We’re specialists in helping you find quality life insurance at the best possible price, so get in contact with us today.
