The importance of healthcare professionals having a wealth protection plan as part of their overall financial planning cannot be emphasised enough. It’s important to remember that protection is not one-size-fits-all, nor is it something you can set up once and forget about. The coverage you need will be based on your individual circumstances and updated regularly since what you need to protect will not be the same as anyone else or even at different points in your life. Through this blog, written by Dental & Medical Financial Services, learn how regular wealth protection reviews can ensure your wealth is protected and potentially save you money.
The importance of wealth protection
As the pandemic has taught us, no one is safe from illness or injury. If you don’t have a plan to survive financially in the event that an incident causes you to be unable to work, you could end up racking up debt or possibly even losing your home. So, you must have protection in place to prevent that from happening. Plus, during difficult times, money is the last thing you should be worrying about as you focus on recovery or grief.
There are times when you should be sure to reach out to your financial adviser for one-off reviews, such as for any major life events such as marriage, starting a family, divorce, etc. But regularly checking in with your protection policies is the best approach. You can update your coverage to adapt to your changing circumstances and needs. Income changes, retirement updates, legislation that might affect you, or even new products that could benefit you can all be discussed during your regular review.
Feel confident in your finances
No matter what stage of life you’re in — either just starting your journey towards financial stability or if you’ve been accumulating your assets for years — you should always have a plan in place to protect your wealth. Whatever level of coverage you choose, wealth protection will help you feel confident that your finances won’t be affected if your income is suddenly disrupted.
Since your insurance coverage will be unique to your individual circumstances and needs and will change as your life and career advance, working with a professional is the best way to ensure you have all the coverage you need. A financial adviser can point you toward the best providers and products that are right for you and that will give you peace of mind that your wealth is protected.
Do you have a plan in case of financial hardship?
Wealth protection is one of the most important elements in a successful financial plan. If you don’t have a plan for dealing with financial hardship as a result of an illness, injury, or death, you and your family could be in real financial trouble. Having adequate protection in the form of income protection, critical illness cover, and life insurance means that you can have peace of mind during a difficult time. Regularly reviewing your policies ensures adequate coverage and could potentially unlock savings.
Dental & Medical Financial Services is a specialist financial services firm with experts with years of experience working with dental and medical professionals on all their financial needs, and we are a big proponent of regular comprehensive wealth protection reviews.
As healthcare professionals, it is critical to safeguard your wealth through strategic financial planning, including wealth protection. To learn more about the importance of financial protection and how you can get covered, contact Dental & Medical Financial Services today.
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.
*This does not constitute advice, and advice should be sought in all instances before acting on it.
