Income Protection for Medics & Dentists

Income protection cover is arguably the most important facet of your financial planning. For most of us, if our income stream were to cease, we would lose our financial independence and be unable to maintain our standard of living.

Income protection insurance is designed to pay you a regular tax free monthly income if you are incapacitated and unable to work due to illness or injury.

NHS Sick Pay

The NHS would provide you with sick pay that slowly builds up to a maximum of 6 months full pay and 6 months half pay. This is only a relatively short period of time relative to your expected working life.

For most doctors and dentists, your expected lifetime earnings will run into millions of pounds. It would seem sensible to protect this after so many years of training.

The income protection we recommend works in conjunction with your sick pay. If you become self-employed, such as a GMP or GDP, then the income protection may need to protect you much earlier.

The Cover

Income protection is usually based on your ability to work. This covers three basic formats - the ability to work in any occupation, a suited occupation or your own occupation. As a medical professional, it is crucial for you that your cover is set up on the latter.

It is also becoming increasingly difficult to cover occupations that require very specialist skills such as the manual dexterity of dentists, surgeons and anaesthetists. If you have cover in place, it is well worth checking that it is set up on the correct basis.

The amount of cover is based on a percentage of your gross earnings and is suitable for both employed and self-employed people. There is no limit on the number of claims you can make and if you are never able to work again, it will be paid until your selected retirement age.

The Cost

Income protection cover is not as expensive as most people believe. Relative to the potential payout, the premium can be extremely competitive.

It is cheaper the younger you are and, more importantly, down to your health at that point in time.

Income Protection Cover with Legal & Medical

At Legal & Medial, we suggest that for all the things in life that you have to insure, the one thing you should look after is your income stream.

To find out how we can help you ensure that you maintain your financial indepedence should the unexpected happen, contact us today or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it