Are You Protecting Your Earning Power?

As a healthcare professional, your ability to earn is your most valuable asset. With annual incomes often ranging from £100,000 to over £250,000, your career’s cumulative earning potential can reach into the millions over the course of your career.

Your earnings are the foundation of your financial security as a doctor or dentist, enabling you to provide for your family, fund your home, and plan for retirement. Yet, many healthcare professionals underestimate the importance of protecting this critical asset against life’s unforeseen events.

Dental & Medical Financial Services have been assisting doctors with their financial planning for over 30 years.

Critical illness, injury, or death could not only threaten your income but also jeopardise your family’s future, your practice, and your life savings. To learn how you can protect your earning power, read on.

This does not constitute advice and advice should be sought in all instances before acting on it.

This article was approved by Best Practice IFA Group Limited on 28 July 2025
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The Importance of Wealth Protection

Protecting your earning power calls for a tailored approach that encompasses life insurance, income protection, and critical illness protection. These policies ensure that, should the unexpected occur, your financial stability and your family’s standard of living remain intact.

Life Cover: The Foundation of Your Financial Shield

For medical and dental professionals earning £100,000 to £250,000+ annually, a suitable life insurance policy provides a tax-free lump sum — typically 10-15 times your annual income — payable to your beneficiaries upon your death. This sum can range from approximately £1 million to £3 million for consultants, and even higher for senior practitioners or those with substantial financial commitments.

This lump sum helps cover outstanding mortgage payments, your children’s private school fees, university costs, or any other immediate financial need. It ensures that your family can maintain their lifestyle, pay off debts, and preserve their standard of living even after you pass away.

Income Protection: Sustaining Your Practice and Family

While NHS sick pay provides some income during illness — six months full pay, followed by six months half pay, and then nothing after that — this often falls short of your needs. For private practitioners and specialists without the backup of the NHS, extended periods of illness or injury could result in significant income loss.

Income protection insurance bridges this gap. A policy of around £1 million can provide £40,000-£50,000 annually for 20 or more years, covering mortgage payments, private schooling, and other expenses.

This ensures your family maintains their lifestyle, even if you are temporarily unable to work, and prevents financial hardship during long-term recovery or disability.

Critical Illness Cover: A Vital Safety Net

Critical illness cover offers a lump sum — ranging from £50,000 to £250,000 — upon diagnosis of serious conditions such as cancer, heart attack, stroke, or multiple sclerosis. For high-income professionals, this sum can fund cutting-edge treatments, home modifications, physical rehabilitation, or specialist care services, which are often not fully covered by the NHS or standard insurance.

Given that approximately 1 in 4 medical professionals will face a critical illness before retirement, having this protection can make the difference between a manageable recovery and long-term financial strain. It also provides peace of mind, knowing you can access the best possible care without depleting your family’s savings or risking your practice.

The importance of Specialist Advice

Medical and dental professionals have unique income structures, often combining NHS salaries, private practice, and additional duties. NHS pension schemes offer some benefits, but gaps remain — particularly in coverage for critical illness, income protection, and death benefits. Moreover, occupational risks specific to healthcare mean that standard policies might not fully address your needs.

A specialist financial adviser understands these nuances and can tailor policies to your circumstances, optimise tax efficiency, and ensure comprehensive coverage—so that you are protected against the full spectrum of risks, without costly exclusions or gaps.
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Take Action Today

Your earning potential is one of your most valuable assets. Protecting it requires strategic, specific financial planning. By investing in tailored wealth protection — life cover, income protection, and critical illness — you shield yourself and your family from the devastating financial consequences of unforeseen events. Take proactive steps today to secure your future, so you can focus on what you do best: providing exceptional care to your patients.

Get in touch with the experts at Dental & Medical Financial Services to start protecting your earning power today.
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Wealth Protection

Would you be able to pay for your routine living expenses if you were unable to earn an income due to illness or injury?

Will you be able to support your family? Would you be comfortable eating away at life-savings during the process?
Taking measures to protect yourself and your family against “catastrophes’ in life is the only way to ensure your wealth remains intact.

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