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Income protection – how and why I took it out.

Do I really need income protection, critical illness or life insurance? Isn’t it expensive? Ultimately it’s a personal decision, which needs to be informed by consulting a good IFA and doing your own research. But after many years without any insurance, here’s why I decided to consult a Medics’ Money approved IFA to see what they recommended for my circumstances.

By Dr Tommy Perkins, Medics’ Money founder.

As a medical student, my first introduction to income protection came via a presentation from a large RESTRICTED advice firm who managed to convince several of my cohort they were in mortal danger and needed insurance immediately. Laden in student debt, young (ish) and carefree, I took the free pen and soggy sandwiches, but nothing else.

Fast forward several years and with a young family, large mortgage and single income, income protection and life insurance came firmly back on my radar. A kitesurfing trip to one of the worlds best but most dangerous waves (One-eye, in Mauritius) finally prompted me to take out protection. As you can see below, we had a great trip and I didn’t have to worry about the financial implications of pushing it too far.

I was shocked at the price differential between restricted and independent advisers. Even when comparing equivalent policies, in some cases comparing identical policies. After all when doing price comparison, its important to compare like with like and consider all the variables. If you don’t know the difference between restricted and independent advisers, I suggest you read the article below. In short, independent advisers search the whole market for the best policy for you. Restricted advisers use a limited selection of the market and you may not get the best deal. We shop around for energy, insurance, broadband, so why not shop around for income protection? A trusted independent adviser from Medics’ Money will compare the whole market for you.

You can search, read reviews and book a free consultation with a Medics’ Money verified IFA here


I also suggest that if you have taken out a policy with a restricted advice firm, and remember some of the biggest firms for doctors are restricted, that you get a free re-quote from a specialist medical INDEPENDENT financial adviser such as those found on Medics’ Money. That’s exactly how Medics’ Money saved two doctors £4,608 and £6,480 respectively. That way you can check you are on the right policy for your specific circumstances.

How two doctors saved £10000 using Medics’ Money

And that’s exactly why we started Medics’ Money – to empower doctors with information to help them make better financial decisions.

You can search for, read reviews and book a free consultation with a Medics’ Money verified IFA here


Our blog has information on income protection


Whats the difference between restricted and independent financial advisers? What qualifications do they have? How do they charge fees?


Work out your risk here.


I already mentioned that taking out protection too late may have been my biggest financial mistake so far. I’ve thought about why I didn’t take out protection sooner. For me it boiled down to 3 things

  • I felt invincible when I was young. I’m not sure why, especially given my preference for surfing, kitesurfing and mountain biking. As soon as I had children I took out protection. But this might have been too late.
  • I didn’t know where to get the right cover for the right price and I was suspicious of the salespeople who targeted my naivety at medical school and “free” lunchtime talks. This led to me being suspicious of all financial advisers. This was a mistake as there are many excellent advisers out there and we’ve gathered together the best on Medics’ Money.
  • I’m frugal and like to minimize unnecessary expenses. Minimising my expenses by not protecting my income was a step too far and I’m so glad I finally listened to my Medics’ Money approved Independent Financial adviser and got protection.

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