Income Protection and Life Insurance for Doctors

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Income Protection and Life Insurance for Doctors

Income protection and life cover are essential insurances for every doctor and surgeon to have in place.

As a medical professional, you help your patients cope with illness every day. You know, only too well, the effect ill health, injury or a long-term critical illness can have on them and their families.

It isn’t only the emotional impact patients have to deal with, it’s also the loss of income and ability to work in the future that can become a major concern. You will also be acutely aware of how the death of a patient impacts those close to them, for the same reasons.

Protecting yourself and your family, if the same were to happen to you, is something we should never put off until another day. Your life and health is something you should never take for granted.

Just the knowledge that you’ve done the very best you can to protect yourself and your dependents if you were to suffer from a long term illness, or die unexpectedly, can give you priceless peace of mind.

What is Income Protection Cover?

If you were to suffer from a long-term medical condition, illness or injury, income protection cover will pay out an amount of money in line with your salary while you cannot work. This will cover your financial commitments during your period of incapacity.

As an NHS employee you will only be covered by sick pay for a limited amount of time. So having the backup of an income protection insurance can be a lifesaver.

What Is Life Insurance?

If you have dependents, how will they be able to continue to live in financial stability if you die unexpectedly.

Life Insurance will pay out a lump sum or ongoing regular payments to those who depend on you for your income. If you’re no longer there to provide for them, their lives can continue without compromise.

There are different types of life insurance. The main ones are Level Term, Decreasing Term and Increasing Term.

How Much Does Protection And Insurance Cost?

How much your premiums will cost will depend on the type of plan you choose, the length of time you’ll need it for, and your own personal circumstances.

Providers will take your health into consideration as well as the amount of income you will need to cover your family’s living expenses. Some offer discounts for NHS staff.

Why Is Income Protection and Life Insurance Important for Doctors and Surgeons?

As an NHS doctor or surgeon, if you are unable to work due to an illness or an injury, you will be paid a portion of your salary a period of time by your employer as part of your contract.

How long you’ve worked for the NHS will define the amount of time you will be paid for.

For example, if you’re a newly qualified doctor, you’ll receive one month’s full pay and two months half pay. If your illness is long-term, you’ll need income for much longer than that.

When you start your career as an NHS doctor or surgeon, the amount of sick pay you are eligible to receive accumulates each year. The maximum after five years of service is six months full pay and six months half pay.

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The Coronavirus Life Assurance Scheme 2020

Working in the NHS as a doctor or surgeon, whether in a hospital or general practice, you are at risk of contracting hospital acquired illnesses, such as Coronavirus.

In 2020 the Government introduced the NHS and Social Care Coronavirus Life Assurance Scheme. If you work on the front line in England and die as a result of contracting Coronavirus at work, the scheme will pay £60,000 to your estate. Visit NHS Business Services Authority for more information.

What To Consider Before Taking Out Protection Insurance?

It’s important to consider all the factors that could affect you to ensure you’re fully protected.

One important element not to overlook is your ability to perform your job as a doctor or surgeon. If you are a surgeon and you injure your hands, you will not be able to do your job. It’s therefore important to ensure your policy will cover you for ‘own occupation’.

A ‘suited occupation’ policy could mean you have to carry on working, but in a different job.

To gauge how much money you’ll need cover for, think about the amount you’ll need to have coming in once your NHS Sick and Statutory Sick Pay comes to an end.

A good guide is to base it on ten times your annual salary. This will help you calculate how much funding your children will need up to the age of 18.

Remember to Include all your monthly direct debits, and anticipated annual spend on food, fuel, clothing and transport to reach a realistic amount. Think about the large debts you have that will need to be paid off, such as the mortgage, car loans and credit card balances
As we are discussing life insurance, it’s important to include the cost of your funeral. This is to ensure your family does not have to shoulder the burden of a substantial additional expense at a very difficult time.

How can Life Insurance Quote help?

Finding the right income protection plan and life cover in an array of financial services companies can be time consuming and confusing. As a doctor or surgeon, we recognise your time is precious.

Setting up your insurance policies will take less time and save you money if you use an experienced financial adviser to help you.

Arranging a short telephone appointment with us is quick and easy and an essential part of the service we offer. This will help us focus on the most appropriate cover for you.

Once we’ve identified the right provider and plan that suits you best, we’ll explain all the key features so you can choose the plan that will look after your family financially if you are unable to.