Doctors and Surgeons Specialist Income Protection
A doctor or surgeon who is registered with the General Medical Council and licenced to practice in the UK can benefit from specialist Income Protection planning, via Wellesley which provides effective cover such as:
- Sick pay guarantee
- Sabbatical Break
- Inclusive of HIV/AIDS
- Benefit Guarantee
Sick Pay Guarantee
If you are directly employed by the NHS, you can select a 12-month deferral period and benefit from paying a cheaper monthly premium. If you need to claim the insurer will automatically align the pay-out with the NHS sick pay system, taking into account length of service. Topping up the 50% sick pay you’d receive, with a further 50% benefit – with the full 100% benefit being paid thereafter.
Some insurers allow clients to take an extender break (up to two years) away from their role to study or work abroad.
Although usually excluded under income protection policies, specialist doctor and surgeon plans do not have these exclusions, which means although the risk is very small, you are still fully covered.
Doctor and Surgeon Benefit Guarantee
No matter how much your income may have reduced if you need to claim (as long as you are working at least 32 hours a week), specialist providers can guarantee to pay at least £3,000 a month. If you chose to cover less than £3,000 a month, the guarantee still applies to the level you chose, minus any income you continue to receive.
Please see the table below as an example:
|Length of NHS Service||Sick pay guarantee 50% of
monthly benefit after…
|Sick pay guarantee 100% of monthly benefit after…|
|Up to 4 months||N/A||1 month|
|Over 4 months up to 1 year||1 month||3 months|
|Over 1 year under 2 years||2 months||4 months|
|Over 2 year under 3 years||4 months||8 months|
|Over 3 year under 5 years||5 months||10 months|
|Over 5 years||6 months||12 months|