A recent survey revealed that medical professionals, particularly doctors, are increasingly prioritising income protection insurance. This trend suggests that witnessing the effects of serious illness first-hand has made them more aware of the need to safeguard their own financial well-being.
Doctors Leading the Way in Income Protection
Doctors were the most frequent applicants for income protection insurance, likely due to their close exposure to the realities of illness and injury. As they see the consequences of these conditions in their patients, they are motivated to secure protection for themselves.
Going Private and Seeking Financial Security
With many doctors taking on more private work, they may no longer benefit from statutory sick pay, which is available to NHS employees. This shift has prompted them to seek income protection, ensuring that they are not left in a vulnerable financial situation if they were to suffer a serious illness or injury.
Why Long-Term Protection Matters
Income protection isn’t just for the self-employed. Even if you have a regular job and are eligible for statutory sick pay (SSP), it may not be enough to sustain you over the long term if you are unable to work. Long-term income protection offers financial support if you’re out of work for an extended period due to illness or injury. In cases where you can’t return to work, it can provide income until you reach retirement age.
How We Can Help
We understand the importance of having the right protection in place. We can help you find a policy that suits your circumstances, ensuring that you’re protected no matter what happens.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Sources: Iress, 2024
