Tommy and Mike Harms are here today to discuss everything you might have missed on protecting yourself, your income, and your family’s future.
Income Protection for Doctors: https://www.medicsmoney.co.uk/income-protection-for-doctors/
Safeguarding Your Most Valuable Asset: A Look into Income Protection Insurance for doctors
Your most precious asset isn’t your car, phone, or even your house. It’s you. It’s your capability to earn and maintain your lifestyle. While this might seem evident, it is surprising how many people – specialists included – fail to adequately protect this asset. In this insightful podcast episode, Mike Harms from Medical and General Independent Financial Advisors talks about the importance of financial protection and how to secure it.
#1 The Importance of Protection
In our quest to ensure the financial well-being of our families and ourselves, we forget that unforeseen events can disrupt our plans. This is why protection is a major aspect of our financial escapades. For instance, a hand injury can get in the way of earning an income, especially for doctors or surgeons. To safeguard against such events, professional firms offer protection plans considered industry best practice.
#2 Why Income Protection
Income protection insurance, simply put, buffers you against income loss due to illness or injury that could sideline your profession. It helps you to maintain your lifestyle, pay your bills, and even continue building your wealth even when you’re unable to work. Critical elements that you should look for when considering income protection insurance are:
– Permanent health insurance contract
– Own occupation coverage
– Payout period aligns with your retirement age
#3 Understanding the NHS Pension and Health Retirement Pensions
The National Health Service (NHS) pension scheme additionally includes ill health retirement pensions and death in service lump sums which might provide a good safety net, depending on your individual circumstances. However, these should not be relied on as the only form of protection.
#4 Where to Avail Protection Insurance
There are various approaches to availing protection insurance, including the Do-It-Yourself (DIY) approach, and opting for a restricted or independent advisor. DIY might be an excellent choice for those who understand insurance and their needs in-depth. However, getting advice from an independent advisor can be profoundly beneficial, offering consumer protection and expert reviews of your personal circumstances and insurance needs.
#5 Regularly Review Your Insurance Needs
Depending on life stages and changes in personal circumstances, it is crucial to regularly review and update your insurance needs to ensure they adequately reflect your financial condition and protection needs.
#6 Choosing the Right Advisor
While restricted advisors offer value, the scope of their advice is limited to certain products, restricting your options. Independent financial advisors, on the other hand, can provide a wider range of products and recommend the best fit considering your needs.
In conclusion, financial protection, especially income protection, is not a luxury but a necessity. Be proactive in safeguarding your most valuable asset, and remember, it is never too early or too late to start. Seek the advice of an independent financial advisor, understand the specifications, and consider the cost of not protecting your income. Remember, the peace of mind that comes with knowing you’re protected will contribute significantly to achieving financial freedom.
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Music credit: MetzMusic on YouTube.
