As a General Practitioner you will be fully aware of the impact a long term illness or disability can have on a individual and their family.
You decide how long you wait before the policy pays out - this should coincide with any other short term policy you may have, such as Locum Insurance in order to reduce the premiums involved.
Even if you already have an Income Protection policy in place, let us provide you with a quotation to see if you can save money. We are able to provide quotations from a wide range of insurers and select the best cover for you as an individual.
By continuing to use our website you agree to the use of cookies. Income Protection. What is the best Income Protection? How much does Income Protection cost? T: Private Health Insurance On the other hand, Medical Insurance is designed to pay for healthcare treatment in private hospitals and these days most insurers will settle the medical bill directly with the hospital or consultant. Income Protection or Health Insurance? Topics Income Protection.
Claims can be made on your Accident and Sickness policy on top of the sick pay received from your employer. It usually takes longer to set up a PHI policy compared to an ASU policy and due to the need for underwriting may result in higher premiums than first quoted. Life insurance is usually the first insurance product that we think of when we have children. For single people with no financial dependents, life insurance is not generally the top of financial planning priorities.
However, even if you are single, you will need income protection in case you are unable to work due to accident, sickness or unemployment. Also, it is more likely that one or both parents are unable to work due to accident or sickness rather than death.
Income protection insurance is an important financial need, whether you have life insurance or not. You should note the difference between income protection and critical illness cover. Critical illness cover will make a one-time payment if the policyholder has a serious illness. On the other hand, income protection makes monthly payments if the claim is triggered. There are a number of differences between Critical Illness Cover and Income Protection, which you should understand, so that you are able to make the most informed decision.
Critical Illness cover is usually sold as add-ons riders to life insurance policies. How does income protection insurance work? Find out more in our guide What is critical illness insurance? Back to top. In reality, however, employees are usually moved onto Statutory Sick Pay within six months. Need someone to talk to about your finances?
The amount you pay each month in premiums will depend on the policy and your circumstances. The cost will also depend on whether you pay: a standard premium, which the insurer can increase over time, or a guaranteed premium, which remains fixed for as long as you have the policy. Search for an insurance broker on the BIBA website. Find out more in our guides When to use an insurance broker Choosing a financial adviser.
Be honest about your medical history. Choose a suitable level of cover. This is usually the cheapest, but there is a higher risk of it not paying out. Read the small print. You can change your mind. You have 30 days from buying the policy to change your mind and get a full refund. Keep your cover up-to-date. Join our Facebook group. Was this information useful? Yes No.
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