Income Protection for Doctors

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Protecting Your Income as a Doctor

How Income Protection Insurance Works

Finding Cover That Works for You

What to Think About When Choosing a Policy

Get Expert Advice on Income Protection

Working as a doctor comes with financial stability, but it also brings certain risks.

Long hours, high-pressure environments, and exposure to illness can take a toll, and if health issues prevent you from working, the loss of income could create financial strain.

Whether you’re employed by the NHS, in private practice, or self-employed, income protection insurance offers peace of mind by ensuring you still receive a regular income if you’re unable to work due to illness or injury.

Protecting Your Income as a Doctor

While NHS doctors may receive sick pay, it’s often limited in duration, and for those in private or self-employed roles, the financial risk is even greater.

Without a regular income, keeping up with mortgage payments and other financial commitments can become difficult.

Income protection insurance provides a steady stream of income if you’re unable to work, allowing you to focus on recovery without financial worry.

How Income Protection Insurance Works

This type of insurance is designed to replace a portion of your income if health problems stop you from working.

Payments typically start after a set waiting period, which can be adjusted based on any sick pay you receive. The policy continues paying out until you recover, retire, or reach the end of the agreed term.

Unlike other forms of cover, income protection provides ongoing financial support rather than a one-off payment.

Finding Cover That Works for You

Doctors often need policies tailored to their profession. Standard income protection may not take into account the unique risks that come with medical work, such as exposure to illness or needlestick injuries.

Some policies are designed to work alongside NHS sick pay, ensuring you have continuous cover once that support ends.

For those in private practice or self-employment, having a policy in place is even more important, as there may be no employer benefits to fall back on.

What to Think About When Choosing a Policy

When looking at income protection, there are a few key factors to consider. The amount of cover can vary, with most policies paying between 50-70% of your salary.

The waiting period before payments begin can be adjusted to fit around any sick pay arrangements, helping to balance premiums.

Some policies will cover you if you’re unable to carry out your specific role as a doctor, while others may only pay out if you’re unable to work in any capacity.

The length of cover is also important, as some policies offer payments for a set period, while others provide support until retirement if needed.

Get Expert Advice on Income Protection

With so many policies available, finding the right income protection insurance can feel like a challenge.

As a mortgage and protection broker, we help doctors find cover that suits their needs and financial situation.

Whether you work in the NHS, private healthcare, or are self-employed, we can guide you in securing a policy that provides long-term security.

Want to explore your options? Speak to one of our mortgage and protection advisors today to find out how income protection could support your financial wellbeing.