DOCTORS & GP's INCOME PROTECTION INSURANCE - SICKPAY COVER
Being a Doctor can be both a mentally & physically demanding career. Given that doctors spend most of their time looking after other people, nobody wants to think about being off work sick themselves or having an accident - but unfortunately many doctors do suffer from some form of illness or injury during their careers.
If you are self-employed consultant doctor, you will not have access to any employer sponsored sick pay arrangements, although, if you are in an NHS practice, you may have limited benefit entitlements.
If you work in a doctors practice where you are self-employed, you may wish to cover your lost income if off sick. If you own the actual practice, consider the income it will produce in your absence & for how long - to maybe cover a GP Locum via GP Locum insurance.
If you are not the surgery owner but work as a Doctors Nurse, GP Technician then speak to your principal to see what your sickpay entitlement maybe.
Most people in the medical 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.
What is a Long Term Sickness Payment for GP's ?
Sick pay for employed NHS contract doctors generally provide some sick pay entitlements based on length of service up to a maximum of 6 months’ full pay / then 6 months’ half pay for those with 5 years service or more. The discretion to extend this will depend on local trust policy - check out your own benefits.
Some NHS Boards only cover a period of sickness, where a GP is unable to provide general services. This limited benefit maybe paid after 4 weeks upto a maximum of 26 weeks, for any period of sickness. The amount is dependant on salary levels & time served.
PHI Income Protection Insurance ~ Doctors & GP's ~ 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.
How does Income Protection Insurance for Doctors work ?
If you can't work because of illness or disability, an income protection plan (also called permanent health insurance or phi ) 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 more about Income Insurance (PHI) for Medical Doctors
PHI Sickpay Insurance For Doctors - 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 Doctors & GPs - 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.
Normally the best terms are simply if you can't do your normal job "own Occupation" as a Doctor
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 Life Insurance Cover for Doctors - 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 Doctors Income Protection Insurance the same as Accident & Sickness Cover ?
Accident, Sickness &/or Unemployment insurance (ASU), can also be referred to confusingly as Income Protection, if doing research online, although it is a different product. ASU cover will provide you with an income to meet your outgoings if you are off work sick, have an accident or are made redundant. It pays out a monthly benefit to cover your mortgage/loan and other related costs but for a limited period.
You may choose the amount of benefit you would like to receive - although there are some limits on the maximum amount. The premium will be a percentage of the amount of monthly benefit you would like to receive. NOTE: Benefits are usually payable for a maximum of 12 or 24 months - unlike Income Insurance PHI which may pay up to when you retire usually age 65.
Some policies will also allow you to choose whether you want to receive benefits for accident and sickness only, unemployment only or all three. Most policies will also have a 'deferment period' usually 30 days. This is the period of time you will have to wait after losing your source of income until you may claim the policy benefit.
Income PHI Protection Quotes for Doctors