Is Specific Income Protection for Doctors a Good Idea?
Many specialists will advise doctors, dentists and other medical
professionals to ensure they have specific income protection for doctors.
But why is this the case? Is a standardised policy insufficient?
Firstly it is important to understand the pressures faced by medical
professionals. On a daily basis they are exposed to individuals with
harmful illnesses and stressful situations. This increases the level of
risk they are exposed to, which results in insurers having developed a
separate occupation insurance code for the purposes of underwriting.
The purpose of income protection for doctors is to protect them against a
loss of earnings if they suffer from a serious and long term illness.
Situations involving stressed and emotional individuals are a regular
occurrence for medical professionals and this increases the risk of an
assault which could lead to a prolonged period away from work. The
constant exposure to serious illnesses also increases the risk associated
with doctors, and therefore it is important they have sufficient cover
which meets their specific needs.
Due to the unique dangers faced by medical professions they should ensure
their income protection for doctors includes the following terms:
· Cover for blood-borne diseases like HIV or hepatitis
· Cover for needle-stick injuries
The main benefit apart from the additional cover you can expect from
income protection for doctors is the ability to sustain your financial
commitments should you fall ill. Protection is paid tax free with the
maximum cover usually amounting to 60% of gross income. The insurance
company will pay this amount until you are able to return to work, retire
The cost of income protection for doctors varies according to a number of
factors including age, health and with some providers, gender. However,
as a general rule of thumb the earlier you purchase the policy the
cheaper the premiums on a policy tailored for doctors will be.
Perhaps the most important factor to consider when purchasing income
cover for doctors is to ensure you thoroughly research the product before
making a commitment. Once the income cover policy is in place it is
advised to leave it for the long haul, unlike car insurance which can
change every year depending on price. With all of the above in mind it is
easy to see just how important specialist protection for doctors really
is. Although it is not a legal requirement the potential risks doctors
are exposed to make it well worth serious consideration.
If you are a medical professional currently shopping around for the best
deal on income protection for doctors then specialist provider Medical &
Professional Investment (MPI) are well worth a call for a free quote