No matter how you have fared this year throughout the COVID-19 pandemic – whether you continued working or experienced reduced income – illness and mortality has sadly been on the world’s collective mind this year. We’ve learned that there has never been a more important time for financial protection.
This does not constitute advice and advice should be sought in all instances before acting on it.
Financial protection for you and your business
At the start of this year, self-employed businesses and small and medium-sized enterprises were booming, the figure peaking at 5.9 million. Small businesses equated to 5.82 million of that number, roughly 15% of the workforce.
Historically, this group of workers has been inadequately protected. Income protection has never been a priority for them as they are often focused on making their business a success. So, protection falls by the wayside.
In actuality, protection will do precisely as it says on the tin: protect you.
In the event that you can no longer work due to illness or injury, you have something in place to not only protect yourself, but your business as well—because, for those who are self-employed and small business owners, you are your business. Plus, if you raised equity on your home or took a second charge on your property to invest in your business, there’s even more at stake if you lose income.
If your spouse, your children, or any other relative depend on your income to cover the mortgage, bills, or any other living expenses, you should consider protecting your income. There are a wide variety of policies to choose from and coverage can be catered to your needs and financial limitations, so there is no excuse to remain unprotected.
Supplement the support
Even though the government has introduced schemes in order to keep businesses afloat during the pandemic, there is no doubt that for many, this support just is not enough.
There is no telling what unfortunate event is just around the corner. Especially in the short-term, when cases of coronavirus are spiking in some areas, there really is no way of knowing what’s in store for you each day.
In uncertainty, wealth protection – Income Protection, Critical Illness Cover, and Life Insurance – come into play.
The policies are all designed to ensure you protect what matters most in your life and can provide for your family if you can no longer work or if you pass away. Trying to figure out how to keep your family afloat whilst dealing with recovery, is the last thing you want to be doing.
Let’s discuss your protection plans
The takeaway of 2020 is that many families would struggle to make ends meet if one of the family earners fell sick, suffered an injury, or died. This is why it’s so important to get advice from a financial adviser to ensure you have the right level of financial protection and insurance in place.
Don’t hesitate to get in touch with us today. We’ll review your current cover and help you build a plan that protects everything that you hold dear.
Are you ready for protection planning?
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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.