Nurses Income Protection
Income Protection Specifically For Nurses
We are experienced insurance brokers and we can offer affordable income protection for healthcare professionals
Why Take Income Protection
Family
If your family depend on your income, the loss can be severe. An income protection policy can help ensure you and your family’s income is protected. Giving you all peace of mind.
Self Employment
If you’re self-employed, unfortunately, you won’t receive any sick pay or SSP. Income Protection can be important to ensure your income is replaced if you fall ill.
Household Bills
Income Protection can ensure that in the event you cannot work due to illness or injury, you can still afford to pay your essential household bills. For example, mortgage/rent, utilities etc.
What is Income Protection?
Income Protection is an insurance policy created to pay out a regular income if you are unable to work due to an injury or illness.
The pay-out can ensure you are still able to meet your necessary household costs. For example, your mortgage/rent, utilities and to put food on the table, until you can return to work.
You can select between a short-term plan or a long-term plan. Some insurers now offer 1 or 2 year payment terms. As a substitute, you can choose the long-term plan which will pay out until retirement, death or your return to work.
If you cannot afford to be off work for 1 day, you can choose the cover to pay-out from day 1. This gives you the peace of mind that you are protected right away. Cover can also start from 1 week, 4 weeks, 8 weeks and so on. Generally, the longer you can wait for the pay-out, the lower your monthly premiums will be.
Premiums will also depend on your age, health, occupation and how much cover you need. The amount of protection you can have is based on a percentage of your income, which varies from 50% to 70%. Payments are also completely tax-free and if you are employed you can still receive your Statutory Sick Pay at £94.25 per week.
Please note, given the current circumstance you won’t receive redundancy/unemployment cover with Income Protection.
What is Income Protection Insurance For Nurses?
Income protection insurance for nurses is a type of sick pay insurance that can cover up to 70% of your gross annual earning if you are unable to work due to an illness or accident. The insurance will kick in once your NHS sick pay stops paying out, to ensure you receive a steady income stream meaning you can continue to pay your bills, for example, your mortgage or rent, utility bills and put food on the table.
Quite often, these policies can be specifically tailored with a deferred period to fit around your existing NHS sick pay policy.
However, if you are an agency or banks nurse, and receive no sick pay at all from your employer you will still qualify for income protection insurance for nurses. You are still entitled to up to 70% of your income, and this is calculated on your net income from your self-assessments.
Income Protection insurance for nurses is sold on an “own occupation” definition (as long as you work 16 hours or more per week). This means that as long as you are not able to do your own job due to accident or injury, then the policy will payout. Typically, the payout can last for up to 1 year, 2 years or until retirement age.
Who We Work With
3 Simple Steps
Enquire
If you fill out a form and provide us with your details, we will then get a member of our team to call you.
Quote
When one of our team gets in touch, they will then run through a FREE no-obligation quote with you.
Set Up
If you’re happy with the quote, we will run your application through our panel of 5 star Defaqto rated insurers for an instant decision. If you’re happy with everything the cover can start immediately
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Frequently Asked Questions
How much does it usually cost?
The price will depend on many factors such as health and lifestyle, the cover amount, age, occupation and deferred period.
What is the deferred period?
The deferred period is the length of time that you can wait until you need the insurance to payout. For example, if you receive sick pay from your employer for the first 3 months, you could choose a 3-month deferred period. Or, if you are self-employed and would need the insurer to pay straight away if you can’t work, you could choose a deferred period of 1 day, or 1 week.
How much Income Protection will I get?
You can protect up to 70% of your income. If you are employed this will be calculated on your gross income, and if you are self-employed this is taken from your net profit.
Would an Income Protection policy affect my statutory Sick Pay?
No, you are still entitled to claim Statutory Sick Pay if you are employed, as well as claiming for income protection. If you are self-employed you are not entitled to SSP