Most medical professionals will acquire significant financial assets over their working life. A home, superannuation savings, investment portfolio, a prestige car and perhaps an investment property. And yet the biggest financial asset you’ll ever own isn’t a material possession, it is your future earning potential. For many medical professionals, this could amount to several million dollars or more.
Everything you plan to build – your assets, your debts, your lifestyle and your family’s security – hangs on the expectation of a substantial regular income. But what would happen if that income were disrupted, for many months, or even permanently?
This is where insurance comes in
- You’ll have peace of mind knowing you have a backup plan if something goes wrong;
- You can replace your income if you’re unable to work;
- You can cover your mortgage payments and other debts;
- If you run your own business, insurance can pay your fixed business expenses and hire a locum to service your clients while you’re out of action; and
- If you have a partner or family, you’ll have peace of mind knowing that you won’t suffer financial hardship if something were to happen to you.
You may already have cover in place. However, circumstances change over time. The cost of existing policies, particularly older ones, also increases over time.
It is critical that your insurance needs are regularly reviewed, to ensure that the cover you have in place remains appropriate to your current circumstances, is in the right structure, with the right terms, at the right price.
Your financial adviser can help
Your financial adviser can work with you to develop a protection plan, which is key to your, and your family’s, financial security. Contact the AMA Financial Planning team on 1800 262 346 or advice@amafp.com.au.