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When and why you need to review your protection policies

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.

The importance of protecting your wealth has become increasingly clear over the last few years. Wealth protection policies are designed to provide a source of income for your family if you’re unable to work due to illness or injury. Being able to provide a financial cushion during difficult times will allow you to focus on recovering and returning to work. But it’s important to continually update your coverage based on what you need in your current stage of life. To learn more about when and why you might need to review your protection policies to secure your wealth, read on.

Protection at every stage of life

Wealth protection is the best way to ensure you can provide a source of income for your family in the event that you become injured or ill. Especially if you are the sole earner in your household, you need to have a plan in place for what you would do in case you temporarily lose the ability to work. 

There are three main wealth protection policies — income protection, critical illness cover, and life insurance — all meant to provide a financial cushion during hard times. One thing to remember is that the coverage is tailored for your individual needs and financial responsibilities. So, over the course of your lifetime your policies will need to be reviewed to ensure you are adequately covered.

Here are a few reasons why it might be time to review your protection policies:

Significant life events

Any major event that may have an effect on your finances should signal that it’s time to review your wealth protection policies. Instances like purchasing a new home, starting a family, getting married, getting a divorce, starting a new job are all points when you should schedule a review of your protection policies with your financial adviser. Particularly for income protection insurance, as it is directly tied to your income, whenever your income changes, you should review your coverage. 

You’ll need to adjust your plan any time your financial responsibility or income situation shifts so you ensure you are properly covered no matter when you need to make a claim. If it has been a while since you checked your policy, your coverage could be out of date and no longer aligned with your current wants and needs. 

New options available

Every year, new options emerge in the insurance market that might be a better fit for your circumstances. If you don’t regularly check in with your financial adviser to discuss your protection coverage, you might miss out on a deal that’s perfect for you. Plus, if you haven’t updated your policy in a while, you might even get a policy with additional benefits like better recovery support or one with more specific language around your occupation. 

Get covered

If you need to review and update your wealth protection policies, a meeting with your financial adviser is the best place to start.

Darren Scott-Guinness and the financial experts at Dental & Medical Financial Services are on-hand and available to talk through your financial protection. Don’t hesitate to reach out today to schedule a review.

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