Since the beginning of the coronavirus pandemic, the importance of protecting your income has become paramount. It’s crucial that you have a plan in the event you are ever unable to work due to illness or injury, especially now, with new variants continuing to emerge. 

There are three main wealth protection policies to choose from: Income Protection (IP), Critical Illness Cover (CIC) and Life Insurance – and they’re all designed to provide financial support during tough times.

Income Protection and Critical Illness Cover usually go hand in hand.

IP and CIC are very similar policies, but their payout methods differ – lump sum for CIC versus regular payments with IP – along with the terms and conditions that are covered. 

Life Cover is the only policy that doesn’t directly benefit the policy holder as it is designed to provide for your family in the event of your death. 

For ultimate security and coverage, all three insurance policies should be a part of your wealth protection plans. 

Join 30,000 doctors and receive free, exclusive, financial CPD for doctors in your inbox.

Medics’ Money is run by doctors and finance experts, for doctors. Our free financial CPD gives you all the knowledge you need to take control of your finances.

Join 30,000 doctors receiving free financial CPD 
By doctors for doctors



Wealth protection policies aren’t a one-and-done situation though. You should regularly check your policies to ensure they’re still providing what you need. But there are a few reasons you might need to review your protection policies sooner than you think…

  • A change in income
    Income protection policies are actually tied to your income, therefore when your income changes, you should review your coverage. If it’s been a while since you updated your policy, you might find it out of date and as a result you could be under, or over, insured. If you keep your policy up to date, then you should receive the right amount of financial support in the event you need to make a claim.
  • Work plans change
    Always read the fine print on your policy. Some IP policies are set to end at 60 years old, so if you’re planning to work past that age, then you’ll need to find a new policy. Since many people choose to work until they at least reach the state pension age of 66 or beyond, your protection plan needs to be reviewed so you’re covered as long as you’re still working.
  • Significant life events
    Significant life events that have an impact on your finances should also remind you to do a review of your wealth protection policies. If you’ve purchased a new home, had a child, got married, or even divorced, then your protection plan will need to be adjusted as you’ll need adapt to your change in circumstances.
  • New options available
    Insurance policies are constantly evolving and providers try to offer better products to their clients when new products and policies come on to the market. You could also find newer policies that offer additional benefits like occupation-specific language, recovery support, or niche policies for specific illnesses and injuries.

Medical professionals often benefit from specialised policies that take into account their specific work lives and personal financial situations.

What medical school didn’t teach us about money

“What medical school didn’t teach us about money” will give doctors a step by step plan to transforming your financial future. Enter your details to download your copy now




Help getting covered

If you need to review and update your Wealth Protection Plan, the experts at Dental & Medical Financial Services are here to help. Financial expert Darren Scott-Guinness is just a call, text, or email away and available to talk through your financial protection at a time to suit you. Don’t hesitate to reach out today.

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.