What does income protection insurance cover? Read this…
Income protection for doctors is simply an income protection policy which is taken out by a doctor.
Some providers offer specialist income protection for doctors and NHS workers - this can be known as ‘doctors income protection’.
Income protection will pay out a percentage of your earnings if you’re unable to work due to illness or injury (this could be up to 70% of your usual income).
While doctors can be entitled to a generous sick pay scheme, income protection can work alongside this to provide additional financial aid.
This could help you and your family to continue your current lifestyle without having to make drastic cutbacks during periods of ill health or injury.
This article will be exploring:
Reassured Advice can help UK doctors compare income protection from all major providers (and smaller specialists).
This includes providers who offer specialist cover for doctors.
So why not get in touch? Quotes are fee-free and completely without obligation.
Keep reading this in-depth guide for everything you need to know about income protection for doctors…
Income protection for doctors works the same as any income protection policy.
If you become too ill or injured to work, you can make a claim and receive payments to help you keep up with your cost of living.
Your policy will continue to make payments until you return to work, until your payment period comes to an end, until your policy expires or until you retire (whatever happens first).
The difference is that doctors can benefit from certain policy features that may not be available to standard applicants.
Not all providers will offer all these benefits so it’s important to shop around to find the most comprehensive income protection for doctors.
Why not use the whole of market income protection comparison service offered by Reassured Advice to do this?
Sick pay entitlement can change a lot within your first 5 years of working within the NHS.
This is because your sick pay entitlement increases with your length of service until, after five years, you reach your maximum allowance.
For this reason, it can be hard to select an appropriate deferred period.
Income protection for doctors can allow you to select a deferred period which will align your payments with your sick pay schedule.
This can mean that your policy will pay out to you at a reduced rate (typically 50%) during your half sick pay periods to help top up your earnings.
Once your NHS sick pay has finished your full income protection benefit will start to be paid out.
The table below breaks down NHS sick pay entitlement and how doctors’ income protection can mirror this:
|Length of service||NHS full sick pay||NHS half sick pay||Reduced income protection benefit||Full income protection benefit|
|0 - 1 years||1 month||2 months||Months 2 and 3||Month 4 onwards|
|1 - 2 years||2 months||2 months||Months 3 and 4||Month 5 onwards|
|2 - 3 years||4 months||4 months||Months 5 to 8||Month 9 onwards|
|3 - 4 years||5 months||5 months||Months 6 to 10||Month 11 onwards|
|4 - 5 years||6 months||6 months||Months 7 to 12||Month 13 onwards|
|5 years +||6 months||6 months||Months 7 to 12||Month 13 onwards|
Income protection for doctors will cover you for illness and injury that prevents you from working as a doctor.
Working as a doctor can be both a physically and mentally demanding job.
For this reason, many doctors’ income protection polices will cover a range of mental health conditions such as anxiety and/or depression.
Income protection for doctors can also cover you for additional extras that may not be included in a standard income protection policy, such as needlestick injuries.
The extras you’re offered can vary between providers so it’s important to compare quotes to ensure you’re getting the most comprehensive cover to meet your needs.
Why not let a friendly member of the Reassured Advice team help you do this?
Will there be any exclusions?
There may be exclusions added to your policy if you suffer from any pre-existing medical conditions, meaning you won’t be able to claim for this reason.
You also won’t be able to claim for any injuries or illnesses that are self-inflicted or occur as a result of drug or alcohol misuse.
Whether you need income protection as a doctor will ultimately depend on your personal circumstances.
Doctors witness the impact serious illness or injury can have on everyday life on a daily basis.
If you were to fall ill or sustain an injury that prevents you from working, could you still afford:
When considering your income protection requirements, you may want to consider the following:
Your sick pay entitlement
Doctors that work for the NHS can be entitled to a very generous sick pay scheme, which can help them financially during periods of ill health.
However, those that work at a private practice, are a self-employed locum or have an alternative sick pay scheme may not be as fortunate.
Income protection can be beneficial for all types of doctors to provide financial support or help to top up any sick pay.
Whether you have dependents
Being financially responsible for a family can increase your need for financial protection.
Income protection can help you and your family continue with your current lifestyle without having to make cutbacks.
Payments can help to fund family living costs, pay for any additional childcare that may be required or simply allow you to afford leisure activities for your children.
If you have personal savings, these could help to tide you over.
However, it’s a shame to dip into these funds if you had them put anyway for something else (perhaps put aside for a house deposit or a big family holiday).
Or, if you’re part of the 19% of adults that have less than £100 in savings income protection could help provide you with the funds you need.
Other sources of income
If you have a spouse or partner their income could be stretched to help to cover costs while you’re unable to work.
However, this could cause financial strain in other areas.
Having income protection in place can help you to take care of your key costs without having to rely on others financially.
Talking things through with an expert can help you to make the decision about whether income protection is the right choice for you and your loved ones.
Reassured Advice can present you with all the information you need and answer any questions you might have to help you make a fully informed decision.
The best income protection for doctors will be the policy that has the right terms to meet your needs and is at a price within your budget.
To ensure that your doctors income protection policy is the best one to meet your needs, you should be aware of the following policy terms and conditions:
Compare income protection for doctors through Reassured Advice to find the best policy to meet your needs.
Many of the UK’s leading providers offer income protection policies that come with features that are designed to meet the needs of doctors.
The table below shows which features these providers offer:
|LV= features for medical professionals include:|
|Aviva offer special arrangements for NHS doctors, nurses and midwives, including:|
|Legal & General features for NHS dentists, doctors, midwives, nurses and surgeons include:|
|Royal London income protection for medical professionals includes:|
|Zurich offer a doctors and surgeons package which offers:|
Reassured Advice can help you to compare quotes from all of the providers mentioned above.
Their whole of market comparison service can help you to find the best income protection for doctors so why not get in touch?
The price you pay for income protection as a doctor will vary depending on your personal circumstances and chosen policy terms.
During the application process providers will ask for key information and this will help to determine the price you pay.
Information required at the point of application includes:
Your occupation is something that can greatly influence the price you pay.
As a doctor, the level of risk you pose can vary between specific job roles.
For example, a frontline surgeon is likely to be classed as a higher risk applicant than a general practitioner. Rest assured, you won’t be declined due to your occupation.
No two income protection for doctors quotes will be the same, making it even more important to compare quotes.
Find the most affordable income protection for doctors using the whole of market comparison service offered by Reassured Advice.
Simply get in touch.
Both income protection and life insurance can be beneficial for doctors and it’s not always a case of choosing between one or the other.
Income protection can pay out to you during your working life to protect a percentage of your earnings while you’re unable to work.
Whereas life insurance can provide vital financial support to your loved ones when you’re no longer around.
If it’s within your budget it can be possible to take out both policies simultaneously for a comprehensive cover solution.
We have a complete income protection vs life insurance guide which helps to highlight the differences between these two policies.
Read our dedicated life insurance for doctors article to find out more »
NHS income protection can be taken out through specialist providers or through providers who offer special features for NHS workers.
The NHS doesn’t offer income protection to its workers, but they do offer a pay protection scheme.
Rather than paying out if you’re unable to work due to accident or sickness, pay protection will help to top up your earnings if you experience a reduction in your income.
This could be as a result of redeployment (changing band), relocation or a reduction in enhancements.
This scheme, combined with a generous sick pay scheme helps to provide doctors and medical professionals with financial support.
Having a personal income protection policy alongside these work benefits can help to provide the most comprehensive solution for you and your loved ones.
Simply get in touch with a friendly member of the Reassured Advice team for your personal income protection quotes.
Yes, it's still possible to take out income protection as a locum GP or doctor.
Particularly for locum GPs that are self-employed (or even GPs who work at private practices), income protection can provide a much-needed financial safety net.
If you’re self-employed it’s likely that you won’t benefit from NHS sick pay and may not receive any sick pay at all.
If you’re a locum working at a particular medical practice, it’s always worth checking what you’re entitled to before taking out cover.
As locum work is ever changing, what you’re entitled to might not always be the same so having your own personal cover in place can help to provide you with peace of mind that your income is protected.
Reassured Advice can help you to compare income protection from all major UK providers, this includes providers who offer special features for doctors.
The whole of market comparison service allows you to find the best available deal on a policy that meets all your needs.
All quotes are personalised, fee-free and without obligation.
Life as a doctor can be stressful and overwhelming, so why not leave the hard work to Reassured Advice? Simply get in touch today.
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