Investing in income protection insurance is important regardless of your profession, protecting your finances should you not be able to work for a continued period of time due to an injury or illness.
To ensure you purchase the right type of income protection, you should enlist the help of a financial planner. With a wealth of experience providing advice on income protection insurance for doctors, I can help you make the right choice.
If you are employed as a doctor for the NHS or even as a partner or locum, you’ll be able to purchase income protection for doctors, which will usually allow you to insure 50-70% of your gross income.
Like standard income protection insurance, income protection for doctors provides regular payments in the case of an accident or injury that causes them to be unfit for work.
However, this type of insurance is designed to start paying out once a doctor reaches the end of their allowance for NHS sick pay, and therefore works slightly differently, adjusting each year based on the amount of time they have been employed with the NHS.
Doctors working in the NHS have access to NHS sick pay, and the length of this cover varies based on the number of years of service. For the first five years, the sick pay for NHS doctors accrues, meaning a doctor who has only been in service for a year will typically receive one-month full pay and two months half pay, and a doctor who has been employed for over five years will receive the maximum allowance (six months full pay and six months half pay).
To ensure you continue to receive a source of income once your NHS sick pay stops paying out, you should invest in a doctors’ income protection insurance.
The best income protection insurance for doctors
Income protection insurance in an important investment, providing you and your family with financial security at a particularly difficult time, and the type of policy you choose should be entirely tailored to suit you and your needs.
If you would like to know more about income protection for doctors, or any related topics such as dentist income protection, self-employed income protection insurance, disability insurance for doctors or critical illness cover please get in touch by using the form below.
How does income protection work?
Income protection insurance will provide you with a guaranteed regular source of income if you are unable to work due to an accident or an illness, until you have fully recovered or until you retire, pass away or reach the end of your policy.
Do I need critical illness cover and income protection?
Investing in critical illness or income protection is a great way to safeguard your finances in the event of an injury or illness that causes you to be unable to work, ensuring you can continue to be able to afford essential expenses such as a mortgage or rent as well as being able to look after your loved ones. If you would like to know more and find out what type of cover would work best for you, get in touch today.
What does income protection pay out for?
Income protection covers individuals in case of illness, injury or disability caused by a variety of factors. Not all income protection policies cover every type of illness, however, and you may not be covered for certain illnesses that you or a member of your family have had before. To ensure you make the right choice, you should seek the help of a qualified financial planner.
Do doctors need income protection?
While doctors have access to NHS sick pay, once this ends, they will no longer receive financial support, so purchasing doctors' income protection separately is the best way to ensure they are protected financially in the event of injury or illness.
Does the NHS offer income protection?
While there is no NHS income protection, doctors are offered NHS sick pay, which provides payments for a set amount of time depending on the length of service. Once a doctor has been employed for over 5 years, he or she will have access to the maximum amount of NHS sick pay, which is 6 months full pay and 6 months half pay.
Do NHS doctors get life insurance?
While there is no NHS income protection, doctors are offered NHS sick pay, which provides payments for a set amount of time depending on the length of service. Once a doctor has been employed for over 5 years, he or she will have access to the maximum amount of NHS sick pay, which is 6 months full pay and 6 months half pay.
