Income Protection for GPs
As a GP your training and skills are your most valuable asset and enable you to enjoy the lifestyle you have become accustomed to. With this lifestyle comes serious financial commitment, not least to those closest to you who depend so heavily on your support.
So, how would you cope financially if you were unable to work as a result of injury or illness? How long could you cope without regular income before the financial situation becomes difficult; a week, a month, 6 months?
The Basics
Income Protection provides a regular income in the event that you are unable to work as a result of an injury or illness. The benefit level is usually a maximum of 65% of your income and is payable following incapacitation and a deferred period of your choosing. The deferred period can be from day one or anything up to 24 months, depending on your ability to cope financially. The longer the deferred period, the lower the premium.
Occupation Specific Cover
The occupation specific feature is one that you should consider, as this ensures that you will continue to receive the benefits until you are able to return to work as a GP or up until retirement age if this is never possible. Many providers do not offer this feature and without it if you are deemed fit to return to work in any capacity, stacking shelves in a supermarket for instance, then they could stop your benefits, which would obviously affect your income.
If you would like to discuss your requirements with one of our Independent Financial Advisers then please complete the enquiry form and we will contact you to assess your circumstances, review the market place and then present options for you to consider. Alternatively you can contact us on 0845 241 3328.
