Life Assurance for Doctors & Dentists

If the worst happened and you died unexpectedly, could your loved ones afford to pay all the bills?

Even if you already have a life assurance policy in place, it is always worth evaluating your life cover on a regular basis to make sure you have the right cover at the best price possible. The price of life assurance has fallen over recent years due to increases in life expectancy, so you may be paying more than you need to.

What is Life Assurance?

Life assurance is a lump sum or regular income payable in the event of death within a specified term. It can be covered for family protection, mortgage protection and/or inheritance tax planning leaving your family and dependents financially secure if the unexpected happened.

NHS Life Assurance

Provided you have been with the NHS for a certain qualifying period, they have, up until recently, provided life assurance with two elements of cover:

• A lump sum twice your superannuated income
• An income stream if you have dependants or are in a qualifying relationship.

At Legal & Medical, we have an in-depth understanding of the recent NHS life assurance policy changes and can give you an up-to-date estimate of your NHS benefits as they stand today. We can also discuss with you whether or not additional cover is needed once your NHS benefits have been taken into account. 

Types of Life Assurance

There are three main types of life assurance cover:

• Term assurance - a lump sum that would normally be used to cover a fixed debt such as a mortgage
• Family income benefit - an income stream that would normally be used to protect the family, replacing the lost income without the surviving partner having to make investment decisions normally associated with a lump sum
• Whole of life

When determining the most appropriate for you and your family, you need to decide if you require a lump sum or an income, how long you need cover for and whether the cover is to decrease, increase or remain fixed over time. 

A combined package incorporating term assurance and family income benefit is often the optimum route for most doctors and dentists.

Optional Extras

There are also optional extras such as:

• Terminal illness that pays out if you are diagnosed with a terminal illness
• Waiver of premium that covers the premium if you are unable to work through sickness or illness
• Trust that ensures that any cover you have goes to the intended beneficiaries and does not fall fowl of inheritance tax

Protection Against the Unexpected with Legal & Medical

Your L&M financial adviser will be able to review your existing life assurance cover (if you have one) and determine with you whether or not it's the most appropriate type of cover for you and your dependents should you die. 

By comparing the whole life assurance market with your specific medical profession, family needs and individual circumstances in mind, we will make sure you get the right cover at the right price, potentially saving you hundreds of pounds on your current premium.

To find out how we at Legal & Medical can help you ensure you are protected against the unexpected, contact us today or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it