As a doctor you are probably more aware than most of the impact a serious illness or injury can have on an individual and their family and their personal finances because they are not able to work.
Ensuring that as a medical professional you have adequate financial protection if you are not able to work should be a priority especially if you have dependents.
Current NHS policy on sick pay for Doctors works on a sliding scale:
- During the first year of service - 1 month's full pay and 2 months' half pay
- During the second year of service - 2 months' full pay and 4 months' half pay
- During the third year of service - 4 months' full pay and 4 months' half pay
- During the fourth and fifth years of service - 5 months' full pay and 5 months' half pay
- After 5 years service - 6 months full pay and six months' half pay
For those with more than 5 years service the maximum benefit will only pay for 12 months and half of that will be at half pay only.
In the short term this sick pay entitlement may be adequate but in the long term if you are not able to work the inability to generate income can have serious consequences when there are bills to be paid.
Doctors may find that they need to tailor an income protection insurance policy to suit their own personal needs. In this respect use our income protection quotes and advice service: