PHI INCOME PROTECTION INSURANCE - FOR CHIROPRACTORS
Being a Chiropractor can be a physically & mentally challenging career to take. Nobody wants to think about being off work sick or having an accident say injuring your hand or fingers - but unfortunately many chiropractors themselves do suffer from some form of injury or illness during their professional careers.
If you are self-employed, you will not have access to any employer sponsored sick pay arrangements, although, if you are in a Chiropractic practice, you may have limited benefit entitlements.
If you are not the practice owner but work maybe as staff then speak to your principal to see what your sickpay entitlement maybe.
Most people in the Chiropractic profession cannot get by on limited government benefits. If you are off with any longer term illness - you will need to make arrangements for yourself.
PHI Income Protection Cover ~ Chiropractors ~ Typical Key Features
Government benefits are very similar to unemployment insurance ie; probably insufficient and so people would probably see a very substantial drop in their income if they were out of work, even for more than a few months because of illness or disability.
Income Protection Insurance for Chiropractoric Professionals
If you can't work because of illness or disability, an income protection plan aims to pays out a tax-free income.
"PHI Income Insurance" tries to put you back into the same situation you were in before you were ill. But it does not allow you to be better off sick than well. So the maximum amount of income you can replace is the after-tax earnings you have lost, less an adjustment for any Uk State benefits you can possibly claim.
However, some employers arrange group income insurance protection for their employees as a perk of their job, which can pay out an long term sickpay income after the statutory sick period. So check what you are entitled to.
Tell me about Income Insurance for Chiropaths
PHI Sickpay Insurance For Chiropaths Underwriting & Health Issues
You pay a monthly premium throughout the term of the "Income Insurance" policy. Cost depends mainly on:
# Your age - at the time you start the policy. Older people are more likely to suffer an illness, so pay more.
If your health is poor or your lifestyle is considered risky, you may be refused PHI cover or have to pay more than normal.
Income Insurance for Chiropractors - Own Occupation Basis ?
Check whether you already have protection in place in case you get incapacitated, and for how long that protection would last. For example your employer may have an Income Insurance scheme in place you can benefit from, or you may have a payment protection insurance that covers your mortgage.
Some income protection policies only pay out if you can't do any work, but you would have to be seriously incapacitated for you not to be able to work at all. Others cover being unable to do any work for which are "Suited Tasks" similar to being a Chiropractor.
Most PHI policies would pay out until your reach age 65 or when you have chosen the cover to end.
Why not have Critical Illness Insurance Life Cover for a Chiropractors - instead of Income Insurance ?
Critical illness cover (CIC) - pays out a tax-free lump sum if you are diagnosed with a life-threatening condition for example some forms of cancer, heart attack, stroke, diabetes etc; as specified and listed in the policy - is a possible cheaper and simpler alternative to Income Insurance.
But there are lots of common situations when CIC would not pay out - for example, if you had back problems or maybe a stress-related illness. Additionally, not all occurrences of the critical illnesses listed are covered, for example some lesser forms / early stages of cancer maybe not covered. Ideally you should have both plans if your budget allows this. For more information on this & costs talk to a professional broker here.
Is PHI Income Insurance for a Chiropractic the same as