Specialist Income Protection for Doctors and Surgeons
A good sick pay package is offered by the NHS, which can be coupled with a specialist form of Income Protection. This can provide comprehensive cover for the unforeseen.
Doctors appreciate more than anyone the range of conditions that can keep individuals out of work for longer periods of time and therefore realize the need for this type of cover.
At its best, the NHS sick pay arrangement will pay 6 months full pay and 6 months half pay (depending on service length). This means that specialist products will quote on a longer deferred period therefore reducing the premium.
However, due to the plan having been designed for Doctors and Surgeons the payments from the insurer will kick in at whichever point the NHS sick pay reduces from full pay to half pay- topping up your income so that you can maintain the same standard of living.
See our guide on Income Protection explaining deferred periods.
Extra benefits of the Doctors and Surgeons plan
No HIV/AIDs exclusion
Typically, Income Protection will exclude HIV/AIDs claims. These risks expose to Doctors and Surgeons on a daily basis as part of their occupation. Specialist Doctors and Surgeons plans do not have such an exclusion.
Sabbatical Break cover
Many doctors and surgeons will consider taking a Sabbatical. So, perhaps to study, gain experience, participate in charity work, or simply just to take a break.
With the special sabbatical feature, you can take an extended break (up to two years) away from your role. So, if you claim, you’ll be treated as if you were working in your normal doctor or surgeon role. You’ll keep your normal level of cover and own occupation definition of sickness.
There are also no restrictions on where you can go, or the type of work/activity you do whilst away.
£3,000 benefit guarantee
There is always the risk with some protection providers that when you take out their Income Protection, if your income is lower when you make a claim (compared to when you took out the policy), the new salary may no longer support the level of cover you purchased.
You can call this ‘over-insurance’. When this happens, it can lead to you not receiving the level of benefit you may have paid for and had been expecting. The benefit £3,000 benefit guarantee is available to Doctors and Surgeons who are licensed and registered to practice in the UK with the General Medical Council.
With the Benefit Guarantee, no matter what your income may have dropped to when you come to make a claim as long as you’re are working at least 32 hours a week, the insurer guarantees to pay at least £3,000 a month.
IEP Financial is authorised and regulated by The Financial Conduct Authority (FCA)
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Specialist Income Protection for Doctors and Surgeons was published on 2nd of October 2017
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