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Highly rated by our clients on reviews.co.uk

Doctors’ Income Protection

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Introduction

If you’re a medical professional, have you ever thought about doctors’ income protection?  Did you even consider that such a thing existed?

Well, now may be the time to give this valuable type of insurance some careful thought.  It could be one of the best decisions you ever made.  Black Lion Insurance offers specialist, holistic advice to help doctors, locum doctors and surgeons like you find the very best income protection insurance.

We can set up the policy for you, as well as help you claim.

If you are unable to work due to sickness or injury, your income protection cover will be the financial peace of mind you need.

We’re here to help you choose the right option for you, your family and your work and personal circumstances.

Perhaps you should be thinking: Can you afford NOT to have it?

What is Income Protection for Doctors?

Essentially, income protection cover will pay out between 55% and 70% of your gross earnings (i.e before tax).  In almost all cases benefit is paid monthly.  It’s tax-free, and the amount paid to you will depend on your specific policy – and on your insurer, of course.

It goes without saying that all income protection providers offer distinct policies, therefore, as whole of market advisers on IP policies, Black Lion Insurance can help you to choose the right one for your needs.

Your policy will cover you if you work for the NHS, or privately.

You can use the money for anything, but most claimants rely on their pay outs to cover essential things like the mortgage or rent, bills, groceries and vehicle running costs.  Life can be expensive, therefore this pay out could mean the difference between a safe and secure roof over your head and financial disaster.

Certain income protection providers offer specialist cover for doctors, so read on to find out more.  Better still, why not contact the experts here at Black Lion Insurance?  We know every nuance and detail of this specific type of cover and will be pleased to take you through how it works.

What’s more, you can add optional Unemployment Insurance to protect you against the possibility of a forced redundancy.

How are you today, Doctor?

As a doctor or surgeon, you save lives every day. Thank you.

Whether you’re a part of the NHS or you work privately, a life enhanced and prolonged is your ultimate goal.  The expression of relief and joy on the faces of your patients’ loved ones must bring immense satisfaction.  These sorts of outcomes are literally priceless.

However, you don’t need us to tell you that your working life is somewhat stressful.

Long hours and life-or-death decisions, perhaps not always with the outcome you wanted, can take their toll on your health and wellbeing.  You know better than most people the effects of an accident or a serious illness on the heart, mind and soul of a person.  Importantly, you witness every day the devastation that ill health can bring.

You focus on the body, of course. But there are financial consequences to sickness and injury, too.

Have you had the time to concentrate on your own health?  And on your own financial wellbeing?

I’m a Doctor.  Do I really need Doctors’ Income Protection?

Take a long, hard look at your finances.

Although you may be earning well currently, if you feel that you would not be able to afford your mortgage or your bills without a regular income, then an income protection insurance policy may be needed.  Contact us for more information.

If, however, you know that you could get by on your savings, then you may NOT need it; similarly, if your family plans to support you or you feel that you could survive on benefits. However, how long will it take you to recover?  Are you sure? You could need a replacement income for a number of months – or even years.  Alternatively, a terminal diagnosis could change everyone’s lives for ever.

NHS Sick Pay

We understand that the NHS offers generous sick pay.  Sick pay will rise with length of service.  For example, after 5 years as an NHS doctor or surgeon, you will receive maximum NHS benefits: 6 months’ full pay and 6 months’ half pay.

GPs, locum doctors and Locum GPs’ sickness benefits will vary – sometimes dramatically; some may not qualify at all.

Are you willing to take the risk?

There’s good news, however.  Some insurers offer special features on their Doctors’ Income Insurance plan, including payments that mirror your deferred period.

What is a Deferred Period?

Your deferred period is specified number of months during which benefits will NOT be paid after your claim. In brief, the longer your deferred period the lower your monthly premiums.

Note:  We’d advise you to check your employment contract due to the NHS sick pay benefits structure.  Knowing how much sick pay you’re entitled to means that Black Lion Insurance can offer you the most appropriate advice based on the information you give us.

For example, you could pay competitive premiums and then have your IP start once your NHS sick pay stops paying out.

Note that Income Protection for Doctors usually keeps the NHS sick pay structure in mind when your deferred period is being planned.  Also, that some insurers will enable you to top up your NHS sick pay.  This is good news as you could have a longer deferred period – without your cover being compromised.

Doctors’ Income Protection – How it Works

After an in-depth fact find, the financial experts here at Black Lion will search the whole of the market for the best rates and the best policies from all the major income protection insurers.

If you have an existing policy, we’d be happy to review it for you.  Your situation is likely to have changed considerably, therefore your cover may not be appropriate.  Don’t worry though – we can help you to change quickly and easily.

With most insurers, you’ll receive between 55% and 70% of your pre-tax income.

Talk to Black Lion Insurance About the Following Important Things:

Policy cease age.  Your age at which the policy will end.  The higher the cease age, the more you will pay.

How long your claims period should be.  Shorter term claims periods are cheaper; longer terms – more expensive.  Is a short-term policy enough for your needs, however?

Incapacity Definition.  We would always recommend the “Own Occupation” definition  of incapacity.  This means that you’ll receive pay outs if you can’t carry out the job you do currently, rather than say a series of different, but related tasks.

Types of Premium.  In brief:

Reviewable Premiums.  Your premiums may start cheaper but could rise depending on your insurer.

Age-Banded Premiums.  Again, cheaper premiums to start with will rise – but only by a pre-set amount established in your policy.

Guaranteed Premiums.  More expensive initially but payments are locked in, unless you make any changes to your policy.

Sabbatical Cover.  You may be able to take a break from your policy of up to 2 years.  Perhaps you want to work or study abroad?  That’s fine, as long as you have a UK bank account.

International Coverage.  If you move to anywhere in Europe, the USA, Australia or New Zealand, you can keep your cover.

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A Brief Guide to the Best Doctors’ Income Protection Providers in the UK

We’ve listed all the major UK providers of income protection for doctors and surgeons, each with a succinct high-level description.

In our opinion, Black Lion Insurance offers best-in-class advice on IP cover.  There’s simply no such thing as a one-size-fits-all policy so do take advantage of our expertise and experience.  Remember, there’s no charge to you for our service.  We earn commission from the provider with which we place your policy.  And, we could get you a cheaper deal.

Also, it’s worth bearing in mind that we have great working relationships with these key providers so you may be pleasantly surprised!

Click through on each of the links to more information about these providers.

AEGON

A maximum of 55% of your salary or earnings, with a ceiling of £150,000 per year.

AIG

AIG offer a structured pay out cover for your earnings, for example 60% of the first 30k, 55% of between 30k and 100k and so on.  This is a rare example of an insurer which offers insurance to type 2 diabetics.

AVIVA

Aviva covers up to 55% of your earnings. They always use the own occupation definition of incapacity and if you return to work with a “lower level” job, they will top up your reduced income.

LEGAL & GENERAL

L&G will offer a maximum coverage of 60% of your annual income.  Their accident and sickness insurance comes with a free life cover element to pay out a maximum of 12 times your monthly benefit if you die during the life if the policy.

LIVERPOOL VICTORIA

You’ll be covered for up to 60% of your income.  This insurer provides reduced benefit payments to mirror NHS sick pay. They also offer sabbatical cover.

ROYAL LONDON

A maximum cover of up to 65% for the first £15,000 of your income, and 55% of the remainder up to a total of £250,000 per year.

VITALITY

Up to 60% of your earnings capped at £2,500 per month and 50% of earnings above that amount.  You will receive reduced benefits if you qualify for NHS sick pay.

Do you need income protection insurance?

Income protection insurance would be vital to you if:

  • You are self-employed and would not be able to pay the bills if you were unable to work. It would ensure that you would be able to pay your bills if you were ill or injured.

 

  • You are the sole income provider and would not be able to pay the bills if you were unable to work. As the sole source of income, choosing income protection insurance is the best way to protect yourself and your family financially. Find the best policy for you, to ensure you can pay the bills and monthly outgoings if you suffered an accident or sickness that meant you could not work.

Income protection insurance is important to you if:

  • You are self-employed, and you don’t have a large amount of savings that you are happy to dip into. Consider taking out an accident and illness policy for maximum protection.

 

  • You are the sole income provider and your employer offers sick pay. Check what level of sick pay you would get from your employer before making a final decision about income protection insurance. Few companies offer long term sick pay beyond the Statutory Sick Pay, so it is important to have all the information in advance.

 

  • You live in a joint income household but are unsure if your partner would be able to cover the financial responsibilities. If your partner’s salary couldn’t cover the bills, then it would be worthwhile considering an income protection insurance policy.

How does an income protection insurance policy help when you need to claim?

You stop working due to an accident or illness, and stop earning an income.

You inform us, and we will guide you through the claims process with the insurer.

You will start to receive your monthly payout.

The monthly payout will continue for as long as your insurance policy covers.

What are your policy options?

Short-Term or Long-Term Protection
There are two types of accident and sickness insurance plans.
Short-term plans usually range from 6 months to 2 years. Long-term plans will pay out until you are well enough to go back to work, whether that’s 1 year or 10 years.
Deferred Period
A deferred period, or excess period, refers to the duration of time between stopping working, and when your insurance policy will start to pay out.
This can range from just a couple of days, up to a whole year. The standard length of time for most long-term insurance policies is 4 weeks.
Indexation
Indexation helps to protect your policy against inflation. Your monthly payments will increase each year, to reflect any increases in costs according to the Retail Prices Index (RPI).
Policy Cease Age
Your insurance policy cease age is how old you will be when the policy will end. This is normally the age you will retire at but could be older.
Maximum Pay-Out Period
This refers to the longest length of time that you can make a continuous claim on your income protection insurance. For short-term policies this could be from anything between 6 months to a couple of years. There are not usually restrictions with a long-term policy. You will receive payments until you are either able to return to work, or you reach your policy cease age.

What affects the costs of your policy ?

Monthly Payout

The higher your monthly payout amount, the higher your policy premium.

Deferred Period

The longer the length of time before your policy pays out, the cheaper your premium.

Medical History

Previous illnesses or injuries may increase policy premiums or be excluded from your cover.

Policy Cease Age

The longer the policy runs, the higher the premium will be.

Age

The older you are, the premium is likely to be higher.

The costs of your insurance depend on various factors.
The more you want to insure for each month, will subsequently increase your premium, as well as the length of the policy and your deferred period.
Your age can also play a role. The older you are, you are seen as more likely to make a claim and so your policy premium will reflect this.
It is important to declare any previous medical conditions or illnesses. Certain disorders may not be covered by your income insurance and others may mean you incur a higher premium.
You will also be asked about your smoking status. Smokers are deemed higher risk resulting in a higher cost for your insurance.

What our clients are saying

Black Lion insurance were great in helping me get through the countless jargon and pitfalls when it comes to setting up insurance. I was thankfully recommended to them by a colleague and they made the process seamless ensuring I have the most appropriate policy for me.
Thomas

I’m an IT contractor and I wasn’t sure if I was eligible for this cover, however, to my delight, not only could I have the cover, but I could pay it through my Ltd company. I was covered within an hour of getting in contact. Very prompt and informative service!
Sanjay P

Polite and very clear when explaining my product of interest. Happy to answer any questions and recap on areas that I wanted to ensure I understood clearly before committing. Didn’t feel pressured or rushed at any point and the chap was very pleasant.
Donna Rudd

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About Us

We are a dedicated team of financial advisers, with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

Black Lion Insurance & Black Lion Wealth are a Trading Style of PRG Protect Ltd

PRG Protect Ltd: Registered in England & Wales, No. 08286239.  Registered Office: 51 The Parade, Cardiff, South Glamorgan, Wales, CF24 3AB