Female Doctor with Income Protection

Doctors’ Income Protection

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Income Protection Insurance Providers

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 consultants 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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Income Protection FAQs

From our most commonly asked question "Do I need income protection insurance?" to information on what affects the cost of your policy.

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

About Us

Part of Halo Consulting, Black Lion Insurance are a dedicated team of insurance consultants 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.