According to The Association of British Insurers, one million people are unable to work each year in the UK due to illness or injury, yet only 10% of the population actually have protection plans in place to help them through. Make sure your finances are protected to provide peace of mind so you’re free to focus on your work and family.
This does not constitute advice and advice should be sought in all instances before acting on it.
Our Protection Spotlight series will take you through the four key elements of a robust wealth protection plan: Life Insurance, Critical Illness Cover, Income Protection, and Estate Planning.
Life Insurance Overview:
Life insurance is designed to pay a lump sum to your family should you die during the term covered by your plan. The exact coverage you require will vary based on your individual circumstances, such as any savings, mortgages, or existing debts already in place.
Life insurance plans will depend on your needs, personal situation, and where you are in your life plan. Additional factors like your age, general health, and lifestyle will be considered when applying for cover and how much your monthly premium will be.
Policy options include:
- ‘Whole of life’ policy – the term of the plan covers your entire life so your family will receive a lump sum after the fact, usually more expensive because a pay out is guaranteed but often worth it to know you will leave an inheritance regardless.
- ‘Term insurance’ policy – this specifies the number of years that the cover runs for and the timeframe in which insurers will pay out as there is no lump sum at the end of the term.
It is entirely up to you how much money you choose your life insurance policy to pay out and we are happy to help you determine what is right for your needs and budget.
No matter what stage of life you’re in, there’s a perfect life insurance policy available to suit you. If you’re having trouble deciding the right coverage, work with and IFA to custom build a plan for you.
Claims made due to coronavirus
If your family needs to make a claim on a life insurance policy as a result of coronavirus, insurers are maintaining the commitment to handle it just like any other life insurance claim. So there’s no need to worry, your loved ones will still be paid pursuant to the usual policy terms and conditions.
Even though some additional questions have been added about your experience with and exposure to the coronavirus, you can still take out life insurance policies now.
Doctors, medics, dental professionals and medical professionals know all too well the hectic lives they lead, especially in the midst of a pandemic. Do you have a financial net in place for you and your family if you lose your income? Do you know what your options are concerning an ill health pension or sick pay? Figuring out what exactly you’ll need to get covered might seem overwhelming, but not if you have help.
Working with a professional
Our advice is built around your personal and professional needs and circumstances. An adviser will create a bespoke plan for you but will likely include:
- Income Protection: A monthly, tax-free sum paid out to you if you’re unable to work due illness or injury.
- Life Insurance: A lump cash sum, usually tax-free, paid out on death of policy holder.
- Critical Illness: A tax-free sum, paid out if serious illness or injury prevents you from being able to work.
- Estate Plan: Craft a will, set up trusts, assign power of attorney, choose executors and trustees all to ensure your family is taken care of once you pass.
Protecting your wealth in case the worst happens should be a top priority. Working with an Independent Financial Adviser is crucial to ensure you have comprehensive cover, not just life insurance, but any additional policies that could help provide peace of mind for a hard-working dental or medical professional. Call us today to get started on your wealth protection plan.
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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.