Doctors Salary Protection Scheme
What does the scheme do?
Especially designed for doctors, protects your salary which combines the IMO life cover and income protection group scheme into one streamlined product offering. It offers financial protection in the event of disability or death. The cover is set at a level that is designed to reflect the standard needs of doctors.
Who can join?
Doctors under the age of 40. Entry may be subject to underwriting.
- Cost is very competitive and is a lower cost than if you take out individual policies available on the open market.
- Less medical evidence required to join.
- You only have to complete one application form.
- The scheme offers two paths that align with salary growth early in a doctor’s career.
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.
Your benefit can be indexed in which case your cover will increase by 5% each year, ensuring that the amount of cover keeps pace with your earning growth.
Escalation on claims in payment
Income protection payments increase in line with the Consumer Price Index or 3% per year, whichever is less.
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.
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.