Medical Professionals Income Protection
For anyone working in the medical profession, income protection insurance is one of the most important forms of cover that you can have.
If you were unable to work for a period of time due to injury or illness, for how long could you survive financially before things started to get tight?
This is where income protection for doctors and medical professionals comes into its own. If you were unable to work due to injury or illness, your income protection policy will kick in to replace the majority of your income.
How Does Income Protection Work?
There are a number of elements which make up an income protection policy.
In a nutshell, an income protection policy will pay you a monthly benefit once you have passed the waiting period, and that monthly benefit will continue until the benefit period has expired.
For medical professionals the benefit amount is generally between 75 and 80% of your normal income, however some newly qualified doctors will be eligible to insure up to 100% of their income.
Most doctors opt for a benefit period of up to age 65 or 70 (depending on the insurance company) whilst waiting periods can vary anywhere between 14 and 30 days, or potentially longer in some cases.
Why Is It Important For Medical Professionals?
Virtually all medical professionals rely heavily on the use of their hands and a clear mind to be able to do their job effectively.
Many illnesses and minor injuries may not be enough to keep the average office worker away from work, but they could be enough to keep a doctor from doing their usual job for a short or potentially long period of time.
Whilst sick leave is available for medical professionals who work on salary, this will only last for so long. A few weeks away from work will be fine, but few doctors will have sufficient sick leave available to see them through a number of months or even years.
Income protection is even more important for doctors and other medical professionals who are self-employed. There is no sick leave available, and any absence from work could result in severe financial damage to their business as well as their personal finances.
Seeking Advice and Quotes
Any financial adviser will be able to provide a medical professional with quotes and advice on their income protection insurance, however it is recommended that a specialist be used.
Doctors and medical professionals face a range of risks that most other workers do not. Some examples include needlestick injury, occupationally acquired HIV and bone dust inhalation.
You could be forgiven that all of these risks would be covered by an income protection policy, but the truth is they are not.
Only selected policies cover these special risks, so it pays to you a doctors insurance expert who knows the market and can recommend a policy that they know will suit your specific needs.
Here at Dr Insurance we have access to a specialist financial adviser who has been helping doctors and medical professionals with their insurance needs for many years.
To get in touch with us or request a quote, simply click on our quote button and complete the form, or give our office a call on the number listed at the top of this page.