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FM14 - Protect Your Wealth! Many people argue that insurance premiums are "dead money". However choose your insurance policies wisely and you effectively transfer the financial implications of potentially disastrous personal risks to an organization, which can easily absorb them. In other words protect the people and the things that you value most. Here are some products to help you to do exactly that: Life insurance What's the most valuable thing you possess? Your home, perhaps, or your pension fund? Your portfolio of shares, or maybe a luxury car? In fact, your most prized possession is probably you or, to be more precise, your earning power. And if you die, your "human capital" dies with you. Hence, if you have a spouse, partner or dependants, your death can ruin their future. Hence, you need some life cover, but not any old life cover! Another common mistake is insuring the family's breadwinner and forgetting to insure a non-working partner, such as a housewife or house husband. This single mistake can destroy young families, as it costs a fortune - £20,000 a year or more – to buy in the invaluable services that a family carer provides. So, insure both parents, please! Protecting your income After death, the next biggest risk to your financial future is probably long-term illness. If you are severely incapacitated due to an illness or accident, your income will eventually dry up, no matter how generous your employer is. If you are self-employed and a high earner, you are at higher risk. That's why income should be next on your list. Critical illness cover People tend to fear some illnesses more than others. For example, cancers, strokes and heart attacks are high on many people's list of most-feared illnesses. The insurance industry came up with a product to cover people who are struck down by one of these conditions, plus some others. It's called critical illness insurance, or CI for short, and most policies will also pay out if you suffer major organ failure, have an organ transplant or suffer permanent paralysis. A type of cover that pays out if you are not able to follow your own occupation is available. It is best to take specialist advice (like that offered by Mac Kotecha ( FCA CFP DipPFS)). |
"He (Mac) has helped me as my practice has expanded from single-handed to a six surgery/8 dentist practice." "Mac is always available to "pick his brains" and has a solution for any problem!" "He always offers sound independent advice on all financial and taxation affairs in a way that is easy to comprehend and follow." "He has helped me through my early associate days and is now proving invaluable in my journey towards practice ownership." "There is never anything I do in business or personal finance without first consulting Mac." |
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We take great pride in our service, and would be delighted to invite you for a free 1 hour, no obligation meeting at our comfortable offices. Simply call us on 020 8346 0391 to arrange a mutually convenient time. This web-site was last updated on 17/01/2012 Specialist Dental Accountants for over 27 years. Copyright © 2003-2011 Mac Kotecha & Company. All rights Reserved. The information on this site is for general guidance only. It is essential to take professional advice on specific issues about their impact on any individual or entity. No liability can be accepted for any errors or omission or for any person acting or refraining from acting on the information provided on this site. We can still help you if you're not a dentist. Please click here
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