Ndubuisi 'Andy' Egwim argues that your ability to earn is an insurable asset. He walks through the risks that threaten it: illness, inability to work, death. Most professionals, especially doctors, have no financial protection against losing income.
Now imagine if somebody says to you, look, there's a possibility that machine could stop working. You don't know when, but it could. Would you insure it if it was possible? Probably, because you're a sensible person. Well, for many professionals, particularly doctors, you are that machine. In fact, more precisely, your ability to earn an income is the machine. We spend years building and learning and understanding them. We protect our phones, our cars, our houses, sometimes even the washing machine, but The asset that we spent years learning and building, producing most of the income, it gets very little protection, no attention. So what happens if you're unable to work for 6 months? And I've seen doctors this has happened to. What about 2 years? What happens if you are diagnosed with serious illness? It's not like I haven't seen dozens of doctors who this has happened to. And if others depend on your income, like your family, what happens if the person dies? Sadly, I've seen doctors become seriously unwell. We've seen situations where, as colleagues, we've come together and contributed money to support the doctor's family. Which is nice to do, but that doesn't go very far. And sometimes a doctor dies unexpectedly and the financial protection simply wasn't there. Again, something I've talked about on my channel here. It's not something pleasant to discuss, but I've got to be practical and realistic because pretending is not a financial strategy. Now, this doesn't mean that everybody needs to buy all the insurance policies available. Absolutely not. The question is what risk could completely derail your financial plan? I've actually made a free guide explaining the basics of this insurance financial protection. I'll leave the link in the description.
