Income Protection Insurance For Doctors

By Author: Jaxon Kelly
Total Articles: 20
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A regular monthly income allows one to enjoy a certain quality of life no matter if you are single or married, working full time or part time. Anyone that has worked hard for their money does not deserve to lose their existing lifestyle due to unforeseen illnesses or injuries. A doctor’s income protection cover in most instances provides up to 75% of their monthly income in the event of an illness or accident. Such cover can continue to the age of sixty or sixty five and the length of time they will receive payments will depend on their contract term. For example a doctor can choose a contract term of 2 or 5 years or up to the age of sixty or sixty five or whenever the can access their superannuation, as this will vary depending on the amount of cover they are willing to pay for.

Depending on the amount of salary a doctor wants insure will determine the amount of income protection cover they will need, as income protection insurance Australia needs to meet with their cost of living expenses such ...
... as investments, assets, providing for their family, debts and mortgage. Income protection cover provides an income stream, should the doctor no longer be able to work due to an illness or injury. To ensure cover begins at the right level and time income protection cover can be tailored to suit the doctors existing benefits. For instance a doctor that has worked in a hospital for six years or longer will receive six months full pay, NHS sick pay and six months half pay. Income protection cover will then pay benefits after the six months which will supplement the doctor’s reduction in salary, with a additional higher benefit that will be paid out after twelve months when the NHS benefit ceases. When applying for income protection cover, you need to calculate your sick benefit pay in order to make sure you take out sufficient coverage to suit your circumstances. For general practitioners, the practice agreement should stipulate the details of entitlement to sick benefits. Doctor’s basic living expenses may not be covered adequately if they have not worked in service for less than five years, as NHS entitlement is limited.

The unique feature of the friend’s life Income protection cover, which is a NHS doctor’s sick benefit initiative, can provide doctor’s with a replacement income, once their NHS sick benefit ceases, no matter what length of service the doctor has provided. Premiums are set which means the cost of cover will not increase unless the doctor chooses to increase their income protection over.