What is doctors’ income protection?
Income protection insurance provides financial support if you are unable to work due to illness or injury. For medical professionals, who often have high levels of financial responsibility and commitment, this insurance is essential. While doctors and nurses working in the NHS will be covered by NHS sick pay, this sick pay will not be paid indefinitely. The length of time it is paid will depend on your length of service.
GPs, locum doctors and bank nurses may not be entitled to any contractual pay at all, and if you are entitled to Statutory Sick Pay (SSP) paid by the government this again is only paid for a limited time. Income protection for medical professionals is the most reliable way to protect your income.
It ensures you continue to receive a portion of your income, helping to maintain your lifestyle and meet your financial obligations during periods when you cannot work.
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Benefits of income protection for nurses, doctors & GPs
Financial peace of mind
Medical professionals, particularly high-earning doctors and surgeons are often the main breadwinners in their family. So, if you can’t work it impacts your whole family. Buying income protection coinsurance for nurses, doctors and GPs gives you the security that you will still have an income in the event of sickness or injury.
Covering essential expenses
Mortgage payments, utility bills, school fees and daily living costs. Whatever regular outgoings you have, they don’t stop if you have an accident or fall ill. An income protection plan ensures that you can meet your expenses and reduces the likelihood of falling into debt.
Focus on recovery
With the financial safety net provided by income protection insurance, you can concentrate on your recovery without the added stress of financial concerns. This can lead to a faster return to health and work. The medical profession can be physically and mentally demanding, but income protection insurance will give you one less thing to worry about.
How much is doctors, nurses and GPs income protection insurance?
The cost of income protection for medical professionals’ monthly premiums depends on a number of things. These include the following:
How old you are
Younger people are seen as a lower risk by insurers than older people. For this reason, the premiums for young doctors and nurses tend to be lower.
Your health
If you have the good fortune to be fit and healthy, with no history of significant illness, then your premiums will be lower than a person with poor health.
Speciality and work environment
The nature of your medical specialty and work environment can affect your premiums. High-risk specialities or those involving significant physical activity may attract higher premiums.
Amount of coverage
In general, higher earning doctors and surgeons will want more cover than medical professionals who earn less. Needing more cover will increase your premiums.
Length of coverage
If you choose to opt for long-term cover your payments will continue until you return to work or retire. You can lower your premiums by selecting short-term cover which usually stops after 2 years.
Time before your first payment
Income protection policies come with a waiting period. This is known as the deferred period and is the length of time you must wait before your first payment. You might for example choose to wait until your NHS sick pay ends before your income protection insurance payments kick in. Deferred periods are between 1 and 104 weeks, and longer deferred periods attract lower premiums.
You can’t change some of the factors that will affect your monthly premium, such as your age, however others, such as the deferred period, are chosen by you. The specialist income protection insurance brokers at Go Protect Me will advise the most appropriate course of action to secure the best income protection insurance for doctors, GPS or nurses for your circumstances.
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Speak to the specialists
We understand the particular needs of anyone looking for income protection insurance for medical professionals. We can find policies for doctors, nurses and GPs that suit their specific requirements. The team at Go Protect Me knows that income protection for surgeons may look very different to income protection insurance for nurses, but we can help either group.
We’ll make sure you get the right level of cover, taking into account any existing sick pay entitlement.
Take some of your financial stress away by talking to Go Protect Me today.
Financial health check
At Go Protect Me we believe that your whole financial health is important. That’s why we offer customers a free financial review with one of our Client Relationship Managers. They’ll provide you with recommendations for savings, investments and tax reduction. There is no obligation from you when you receive this review.
Doctors Income Protection FAQs
To Speak To An Expert, Call 0330 818 6850
Open: Mon-Tue 9am-7pm, Wed-Thu 9am-6pm, Fri 9am-4pm
Alternatively request a call back at a time convenient to you.