Life Insurance and Income Protection. Is It Worth It?

My previous video I talked about the shock of finding out that a childhood friend who was also a young surgeon in his late 30s, or I would say mid-30s, find out that they died in their sleep and how that shocked and spoiled me to quickly start looking at life insurance and to make sure that I'm protecting or making plans to provide and protect for my loved ones if unfortunately things don't go the right way or if I end up not being here. But that also guided me down the rabbit hole of looking at life insurance Inc. Protection disability insurance. And it also helped me realize what is really important to protect for and why it doesn't make any sense to go and be buying insurance for microwave or if you buy any random little gadget to buy insurance for it especially, there's not going to make any disastrous impact in your life. So that is why I decided to make this video after writing about it on the blog. Because there are a lot of healthcare professionals, doctors, nurses and other healthcare professionals who have spent all their life caring for other people, making sure that they are fine, but haven't really taken out the time to think about for themselves. Am I going to be okay if I'm not here or if I'm unwell, if I'm unable to work, am I going to be covered for? I mean again I mentioned there's NHS pension, but that also just covers for a while if you're working in the national health system. So in this video I'm going to be delving into not just about insurance, but how to find the right insurance policy, how to decide what is the right insurance policy, how to find the right advisor. Because unfortunately there are a lot of people out there who claim to be advisors and particularly target doctors and nurses and healthcare professionals. But if you look under the hood, a lot of time they are only insurance salespeople looking to make a commission and they couldn't care less about whether you got the right policy or not. I mean, of course I believe there are a lot of good ones out there who are properly licensed. But again, how do you find out who is the right one? Stick around and I'll tell you what I found from my research. Welcome to moneywisedoctor.com Moneywise Doctor is a platform that provides financial education to doctors, healthcare professionals, and basically most people who are not in the health sector find it really useful because it provides practical financial guidance on various topics including investing, insurance, thinking about things like mortgage, interest, whatever you can think about. If it's about finance and if you're a healthcare Professional. Chances are it's already on moneywisedoctor.com or it's a video that's going to come here on YouTube. So consider, subscribe, like the video and share it to any friend who you think might benefit from it. Thank you. Now today we're delving into how do I find the right life insurance advisor? How do I find the right income protection advisor? How do I find the the right policy? Am I going to overpay? Am I going to end up paying for an insurance that is not going to be available? If I do need to claim, is it going to be a pain? Stick around. I'll tell you from my own research, the things I've found. Now, there are a few basic things to think about when it comes to insurance. The first thing is one, am I getting the right coverage? Am I paying for what I don't need? Two, is it covering me for what I really need? So first of all, you don't want to pay for what you don't need. Secondly, you want to make sure that you're paying for what you do need. And thirdly, if along the line I do need to make a claim, are they going to come true? How do you find out? Well, at the beginning, people go about it in different ways. Some people go online, try it yourself, go on Google, type life insurance and you're going to see a lot of a myriad several thousand search results are going to shop. How do you know these are the right ones? Now here is my approach. And again, this is not professional financial advice. So obviously if you listen to a doctor talking on YouTube, I think if you'd like to get specific financial advice, you can go to moneywisedoctor.com or find a financial advisor who has been vetted. But this is a very useful framework that I use. One, if I need life insurance, I want to get the best premiums. I don't want to pay more than I have to pay already. Insurance is almost like a loss. You're not going to get the money back, you're just paying it to cover for risk. So I want to get the best rate. So a place to start one will be comparison websites. There are a lot of good comparison websites where you could go and that would just give you a general idea. I wouldn't suggest going straight to the comparison website, but that will give you a general idea of what you need to pay for. That might be a good start. So there's quite a few comparison websites that are out there. Let's compare the market. There's A good compare, you can start with any of them. But really, really quite critical is the second point. You need an insurance advisor who someone has used, hopefully a doctor, someone in a similar circumstance, someone who is properly licensed. So an insurance advisor will be able to look at the whole market, look at your circumstances, look at what you're trying to protect against. Maybe you've got a mortgage, you want to make sure that it's paid for. Maybe you've got somebody in school, you want to make sure that if you're not around anymore that they are, they are covered for. Maybe you've got a spouse and you don't want them to have to work so hard if you're not around. So the insurance advisor can check your income, check what you need to cover for, do a thorough assessment, and then they can recommend an insurance product for you based on their assessment and the analysis. So basically, to get an insurance advisor a good place to start, again, word of mouth, you could ask your colleagues, someone who has, who has used a different insurance advisor. Or we've done quite a bit of the heavy listing for you, moneywisedoctor.com, we've screened insurance advisors who have experience working with doctors and healthcare professionals, checked that they've got the right credentials, and again, you don't have to use the insurance advice on moneywise. Method.com you can also do this by yourself. It's quite simple. You browse, you check for the insurance advisors, get the right firms, look at their reviews on Vouchsafe, you can look at their reviews on trustpilot, find out, and then you can ask around to find out who have they worked for, who have they worked with. It was easy to work with them and of course any company they recommend. You can also look at sort of the reviews again online and that can tell you. But if you're looking to skip all that hard work and you just want to go through, you know those have already been screened, then obviously that's why we're there. And you can get insurance advices on moneywisedoctor.com right. So these are just sort of like the simple steps you can take. One, you can check online, check comparison websites. Two, you can get testimonials from a friend. Three, you can use a trusted website like moneywisedoctor.com where there's already been a vetting done for you. Again, remember, what's really key here is to make sure an insurance advisor, you should have some knowledge already. That's why I suggest if you want to download the free guide there's a free guide we've provided. If you look at the descriptions in the show, Notes provided a link to the free guide and again you can also download it on the homepage of moneywisedoctor.com the free guide will help you to at least have an idea of what you might need before you start talking to the advisor. Because that way you are in the driving seat, which is the whole ethos of moneywisedoctor.com want you to take charge financially, be the one driving rather than hoping that someone will come and save you. Well, I hope you found this video useful. If you want to look at other videos. If you want quick videos on finance, insurance, investing, LISA account, click on the subscribe button and click on the next video to look at the playlist on finances for doctors that we've done. And if you like to ask us any questions, I'm happy for you to leave a note for me, leave a comment to ask your questions and I'm happy to answer them as soon as I get them. All right. Remain money wise and make smart choices. Bye bye.