Protecting Your Income
As a healthcare professional you are likely to earn above average earnings during your career and it is essential to consider what might happen should you be unable to practice for a prolonged period of time.
Irrespective of the stage of your career, a long term illness or loss of earnings can have a serious affect on your financial wellbeing. We use our specialist knowledge of the pay structure and benefits packages for NHS employees to tailor income protection cover to the specific needs of doctors.
Income Protection also known as Permanent Health Insurance (PHI) provides you with a long term regular tax-free income if you become ill or disabled and unable to carry out your usual occupation following a serious accident or prolonged illness.
Benefits are paid tax-free for as long as you are certified as being unable to carry out your SPECIFIC occupation. This could be until you recover and start work again or up to the age you have chosen from the options available, normally to match your planned retirement or upon death if earlier.
Income protection is designed to replace salary, so insurers take into consideration any income you would continue to receive from work and offer a choice of deferred periods,(the time before they would pay benefit). The maximum you can insure for is approximately 65% of gross income and any other income that you may receive. The benefits under the plan will not replace the career earnings that you would receive if you were working, but should provide you with enough to pay your bills and maintain a reasonable standard of living whilst incapacitated.
In the event of a long term illness you need an income protection plan specific to your occupation such as a doctor or surgeon and one which knits in with the sick pay benefits you receive from the NHS. Due to the sliding scale of entitlement of NHS sick pay, a short fixed deferred period is not appropriate during your first five years of work in the NHS.
As a medical practitioner, there is a small risk of accidentally contracting HIV/AIDS. We access the whole market to ensure the plans we recommend do not have HIV/Aids exclusion for members of the medical & dental profession if they ‘contract the HIV infection accidentally whilst carrying out their normal duties’.
Income protection for Newly Qualified Doctors and Dentists
You might think you don't need an income protection policy. You don't have any children; you're not yet married; you've got a nice income. Why bother paying out to cover yourself for illness or disability? Maybe you're right. If everything goes to plan, you'll perhaps retire a little early and start to really enjoy life.
There is never a right time to fall seriously ill, or become involved in an accident. You could be struck down with something tomorrow, something that would stop you from ever going to work again. You won't get that much from the NHS or the State, certainly not enough to keep you in the style to which you're accustomed. That cash you're perhaps saved up would dwindle away fairly quickly if something really bad happened.
Most people get through their whole working life without any serious illness or injury and even some long-term sufferers find that they're not too badly off financially. But for those that get caught on the wrong side of the fence, the combination of ill health and financial strife can be hard to cope with.
It is never planned, but can happen to any of us. When long-term illness brings one to a halt, it can often bring our income to a halt also. Continuing to be able to settle one's routine bills, mortgage, electricity, gas, water, fuel and food, can become increasingly difficult as time goes on. The State safety net of statutory sick pay and the facilities of the NHS are now largely emergency only and only help part of the problem.
Applying For Cover
We offer the opportunity for you to have a face to face meeting or we can call you at your convenience to discuss your needs and will guide you through the many options available to ensure that you obtain the correct contract for your needs.