Protection Advice for Medical Professionals

As a medical professional, your ability to work is central to your financial wellbeing and to the financial security of those who depend on you.

While you care for others every day, it’s just as important to protect yourself and your income should life take an unexpected turn.

We help Doctors, Consultants, GPs, and Healthcare specialists put the right protection in place so both you and your dependants are financially supported in the event of prolonged illness, injury, or untimely death.

Our goal is always simple, to give you peace of mind so you can feel secure knowing your cover supports you when you need it most.

Why Protection Matters

Your income is the foundation that supports your day‑to‑day life, your future goals, your home, family and your lifestyle. If you were unable to work due to accident or illness, the financial impact could be significant. Likewise, ensuring your loved ones are looked after if you pass away is an essential part of your financial future.

The right protection ensures:

  • Your income continues if you’re unable to work.
     
  • Your family receives a lump sum should you pass away unexpectedly.
     
  • You have financial support if you are diagnosed with a serious illness.
     

Life Cover

Personal Life Cover

Life Cover provides a tax‑free lump sum to your beneficiaries if you die during the term of the policy. This money can help your family maintain their standard of living, pay off debts, or cover future expenses like education giving them stability at an incredibly difficult time.

The appropriate level of life cover can vary depending on whether you are in a dual income household, whether you have dependents, and what you typically spend from month to month. For the main earner in a family with dependants (such as young children) the level of life cover needed can typically be up to 10 to 15 times gross annual earnings.

Pension Term Assurance

Pension Term Assurance is the most tax efficient way to take out term life cover.

Tax relief is available at your marginal rate of tax on the premiums you pay, as the plan is structured as a pension product.

With Pension Term Assurance you have the option of indexation of premiums, conversion option and the flexibility of monthly or yearly premiums.

Executive Pension Term Assurance (EPTA)

Executive Pension Term Assurance (EPTA) is a specific type of life insurance policy designed for company directors and employees, paid for by the employer.

It structured to provide financial protection for the employee’s family if they die while still in service before reaching retirement age.

Business Protection

The loss or serious illness of a key individual can have a significant impact on a business. Business protection helps companies plan for these risks and maintain financial stability during difficult periods.

We also provide advice on:

  • Key person protection: Helping protect the business against the financial impact of losing a key employee, director, or revenue generator.
  • Shareholder protection: Supporting business continuity by helping shareholders plan for the death or serious illness of a fellow shareholder.
  • Partnership protection: Helping business partners put appropriate protection arrangements in place.
  • Loan protection: Cover that can help repay business borrowings if a key individual dies or becomes seriously ill.

The right protection structure can help safeguard the future of the business, its owners, and its employees.

Income Protection

Income Protection replaces a portion of your salary if injury or illness stops you from working for an extended period. It’s a financial safety net designed to help you keep up with day‑to‑day living costs, mortgage repayments, or practice expenses while you focus on recovery. Income protection is a core benefit that you should consider and is highly valued by professionals who rely on their earnings.

The level of benefit required depends on your overall earnings and financial circumstances, however, we work with clients to evaluate their needs and tailor a benefits structure accordingly. You are entitled to Tax relief on the premiums for this type of insurance also.

You can cover up to 75% of your earnings (excluding Benefit In Kind) less State Illness Benefit.

There is an initial waiting period called the “deferred period” at the start of your claim. This is how long it will be before we start paying your income. You can choose how long this is: (4, 8, 13, 26 or 52 weeks).

You can choose from two types of premiums:

  • A Reviewable Premium allows the provider to review the premium every five years. Depending on claim rates, the provider can increase, reduce or keep the premium the same.
  • A Guaranteed Premium means the premium is fixed and will only increase by the level of indexation outlined each year.

Serious Illness Cover

Contracting a serious illness or disease can be devastating – both to your health and to your finances. Should you be unable to work due to failing health, you may find yourself unable to pay for basic needs or necessary medical care, adding worries about money to worries about your health.

Serious Illness cover is designed to alleviate your financial concerns should you find yourself facing life-threatening health problems. It’s no cure-all, but if you fall prey to a bout of very ill health, at least you’ll be able to focus your attention on getting well, rather than on making ends meet.

If you are thinking about taking out serious illness insurance, it is important to realise that it would not replace your income if you were out of work because of a long-term illness. Serious illness insurance will only pay out if the illness is covered by the policy. When the illness is covered, the policy pays a once-off lump sum and not an ongoing income.

The list of illnesses varies between insurers but includes all main illness i.e. stroke and heart attack, some types of cancer, coronary artery disease, multiple sclerosis, kidney failure, motor neuron disease, blindness, major organ transplantation (including being on a waiting list for transplantation), a benign brain tumor and severe burns. 

Serious Illness Cover is insurance that pays out a lump sum if you are diagnosed with one of a list of specified serious condition or disabilities that your policy covers. This lump sum is a tax-free payment that you can use to help with medical bills, lost of income, home adaptations, or simply giving you breathing room during a challenging time.

It is important to realise that it would not replace your income if you were out of work because of a long-term illness. When the illness is covered, the policy pays a once-off lump sum and not an ongoing income. As the list of illnesses varies between insurers, understanding each policy’s terms and conditions is essential and we make that simple by explaining everything clearly and helping you compare your options, ensuring you choose cover that meets your needs.