Bal Thandi shares the story of Michael Liu who was left paralysed from the chest down after a spinal infection.
Two years after graduating as a dentist, Michael Liu became a self-employed associate and thought it would be a good idea to take out an income protection policy and critical illness cover.
That decision would prove to be one of the best he ever made.
In 2016, more than two decades after taking out the policy, and while his wife was pregnant, Michael began to feel unwell.
He was diagnosed with a spinal infection which ultimately left him paralysed from the chest down, excluding his hands.
Help of family and friends
Michael told me about his experience. He said: ‘For about a week or so, I was feeling under the weather and then I woke up one morning and found I couldn’t stand up. I went to the hospital and they did a lot of tests; by that time, I was getting increasing paralysis in my legs and it was affecting other parts of my body.
‘They sent me to the neurological department at Charing Cross where I was diagnosed with an infection on my spinal cord around the C6, C7 region.
‘I had an emergency operation to relieve the pressure, which went satisfactorily well. But unfortunately, it’s left me tetraplegic, although it hasn’t really affected my hands. It’s left me unable to do my job as I would be able to do previously.
‘When I was in hospital, I was thinking, “I’ve got outgoings. I’ve got responsibilities at work, which I won’t be able to fulfil”. With the help of my family, I investigated the policies I had in place and these turned out to be of great use. I can’t state how important they are.’
The most important thing
Michael had an income protection policy in place with an ‘own occupation’ definition. This means that if you cannot do your role as a dentist, or the profession you’re in, then that policy will pay out up until the point that it ends or you go back to work. Without it, there is a risk that the policy won’t pay out if you were able to take up another occupation instead.
Having his policy in place meant that Michael was able to focus on his recovery. He didn’t need to dip into his pension pot to cover expenses while unable to work.
Michael added: ‘When you’re recuperating and going through the rehab, the last thing you want to have is financial worries.
‘Having a policy like this is one of the most important things people can have. Illnesses and life-changing injuries could happen to any of us at any time, often when you least expect it.
‘It’s easy to think, especially when you’re young, that it won’t happen to you. But no-one knows what will happen and it just provides peace of mind, I can’t recommend it enough.’
Should be compulsory
‘Dentists have all sorts of policies, such as public liability, that are compulsory,’ he said. ‘I believe income protection should also be compulsory, because you’re protecting your body, which is your greatest asset.
‘Having the own occupation policy was great because otherwise you could be sent to do a job that you don’t want to do and which is going to make your physical condition deteriorate.
‘For me, I find sitting in my wheelchair tiring after a few hours – I need to move, but I can’t physically stand up and stretch like anyone else might do after sitting for a long time. So, a job that involves a lot of sitting would be detrimental to my health.
‘I was trained to do one job. And if I’m not going to do that job, I need to concentrate on other things like my own physical and mental wellbeing.’
Michael had both income protection and critical illness cover with Wesleyan Assurance Society.
Income protection pays out a regular monthly income after an illness or injury which leaves you unable to work to maintain your standard of living until you are able to return or until your chosen plan’s end date.
Top three claims
Critical illness gives the policyholder a monthly income as well when you are diagnosed with a serious health condition. But it also gives a lump sum that can be used to pay off your mortgage, for example, or to maintain your lifestyle if there is a diagnosis.
A key difference between the two covers is that critical illness covers you for a specific number of conditions. While income protection covers you for any condition that has been signed off by a GP or a consultant.
In 2021, Wesleyan paid out 100% of new claims made by dental customers for personal income protection benefits. The top three types of claims made were for musculoskeletal issues, mental health problems and Covid-19.
If you’d like to discuss your options to protect your income should the unexpected happen, you can book a no-obligation financial review with Wesleyan Financial Services by visiting www.wesleyan.co.uk/dental or calling 0800 316 3784.
Advice is provided by Wesleyan Financial Services Ltd.
‘WESLEYAN’ is a trading name of the Wesleyan Group of companies.
Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority and is wholly owned by Wesleyan Assurance Society. Wesleyan Assurance Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Incorporated in England and Wales by Private Act of Parliament (No. ZC145). Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Fax: 0121 200 2971. Calls may be recorded to help us provide, monitor, and improve our services to you
