What does the scheme do?

The scheme provides a monthly replacement income in the event of long-term illness or disability until such time you return back to work or retire. It also provides your next of kin with a lump sum in the event of your death.

It aligns with salary growth early in a doctor’s career.

Who can join?

Doctors under the age of 40. Entry may be subject to underwriting.

Tax Relief

Income protection element:

You are likely to be eligible for tax relief. For higher rate tax payers, this would be a reduction at a marginal tax rate.

Life cover element:

Doctors who have private practice earnings or non-pensioned income such as overtimes are likely to qualify for tax relief on premiums paid at marginal tax rate.

Dovetailing income protection for those in the public sector:

The income protection element of the plan dovetails with the Public Sector sick pay arrangements. This means that for public sector employees with at least three years public service, the income protection element of the product will commence payment from the day you are no longer entitled to full rate sick pay.

Doctors with private income only

For doctors with private income only, the deferred period on the income protection element of the product is 50% after 13 weeks’ continuous absence from work due to disability and the full benefit after 26 weeks’ continuous absence.

Maximum Income, Protection Benefit, State Illness Benefit

Maximum cover is 75% of pre-disability income (may include overtime of up to 50% of basic pay) less any early retirement pension, sick pay, state illness benefit or other income protection entitlements.

Working abroad

If you decide to work abroad, your cover can continue as long as you keep paying your premiums – giving you peace of mind that your income is protected if you become unable to work while away from home.

 

You can get cover for working within the EU, Switzerland, USA, UK, Canada, Australia, New Zealand, South Africa or Saudi Arabia.