This does not constitute advice. Professional advice should be taken prior to acting on any part of it.
Dental and Medical Financial Services Limited is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority.
While many medics enjoy the benefits of being self-employed, there are also a lot of things they miss out on by not having an employer. Those who are in self-employment need to provide their own safety net in the event of financial hardship. You already live with enough uncertainty in your daily life, worrying about money shouldn’t be an added burden.
Self-employed people are more vulnerable to instability and volatility, so it’s crucial that you consider wealth protection policies as part of your financial plan. It shouldn’t come as a surprise that to get the best outcome, you should work with an expert. Partnering with a financial expert will help to ensure that your protection plan is catered specifically to your needs and goals.
Custom protection for your family
Once you grasp the importance of wealth protection, the next thing you must understand is that there is no one-size-fits-all solution. The coverage you will need for your family will be unique and won’t be the same as anyone else’s coverage. Someone who is single will have very different needs from someone with a spouse, kids and a home. If you have any regular bills that will still need to be paid, having a source of income from your protection policy will often make all the difference. No matter what your level of coverage is though, a wealth protection plan will help you feel confident that your finances won’t take a hit if you suddenly lose your income.
Tenets of coverage
A well rounded financial plan will usually include most, if not all of the three main types of protection policies:
- Life Insurance – This type of insurance policy pays out a lump sum to your family after your death. This will provide your family money to cover any expenses they may have, such as a mortgage or ongoing bills.
- Critical Illness – Upon making a claim for a covered condition you will receive a tax-free lump sum that you can use however you need to pay for expenses while you recover.
- Income Protection – Covers more conditions than critical illness insurance and payouts are made regularly, rather than in one lump sum.
Never been a better time to get protected
With the rising cost of living and interest rates increasing, there has never been a more important time to protect your family in the event that you’re unable to work. Even if you save into an emergency fund, that often won’t be enough to cover life expenses during a long-term illness or injury. Do you have a plan to support your family financially if you can no longer bring in an income? Ensuring you are protected is especially important for self-employed medics or locums, as they are more vulnerable to financial shocks.
Protected and prepared
Finding the right coverage that will help you feel secure that your family will be provided for if the unthinkable happens doesn’t have to be difficult. For a stress-free and efficient process, contact the experts at Dental and Medical Financial Services. We’ll provide honest feedback at every stage, offer bespoke advice that takes your personal needs into account, and make ourselves available to you when you need it. For help building or reviewing your wealth protection plan, get in touch with us today.
