Income protection (IP) is appealing to individuals whose job is their livelihood – as is the case for many self-employed people in the dental and medical field. If you are unable to work, rendering you incapable of paying your mortgage or other living expenses, income protection could provide a pay out of up to 75% of your earnings, enough to help keep you afloat during tough times.
This does not constitute advice and advice should be sought in all instances before acting on it.
You’re never too young to be planning your financial security
If you’re at the start of your career, you might not think that income protection can do a lot to help you, but the truth of the matter is that you’re never too young to have a plan in place to protect your income. Anyone with dependents or others counting on them to cover the lion’s share of living costs would do well to ensure their income is well and truly protected.
It’s true that no one wants to think about what would happen should they become ill, and in fact, some of the younger generation don’t even think it’s a possibility.
Unfortunately, serious illness doesn’t discriminate; anyone is susceptible to certain diseases and often people are unprepared to weather the storm, both mentally and financially.
IP helps you prepare for any unforeseen situations but a shocking amount of the UK public are unprotected.
A staggering 41% (according to a 2017 Mintel Income Protection Report) would struggle to cover all their bills if they were to fall ill. A measly 10% hold income protection insurance that would cushion the blow that not working delivers.
Consider a financial review
We’re huge proponents of income protection because the last thing you need to worry about while you’re focusing on recovery is how you’re going to make the mortgage payment that month.
That’s why we offer the opportunity of a robust financial review to ensure something like that never happens to any of our valued clients.
Don’t leave your future up to fate, safeguard it against things that would do you harm with income protection today.
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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.