Many may think that doctors are immune to getting
sick. However, this is not exactly true, considering how often doctors are
exposed to a variety of disease-causing organisms and other health hazards in
their day-to-day work. Some medical professionals may be able to afford some
sick days, but what about those who need to put in extra hours at the clinic or
hospital to pay the bills? This is where income protection comes in.
Income protection policies are a popular way to
assure that a person’s quality of life will be maintained while suffering from
a sickness or injury. Most policies can cover a person until retirement age and
the compensation that a policyholder will receive is usually dependent on the
amount of salary he wants to insure. Note that income protection for doctors
should ideally cover up to 65% of income in case of an illness or accident.
It
sounds like a great idea and often is. A doctor cannot predict what injuries or
unfortunate incidents he might encounter while out in the field, so it’s best
to be prepared with a financial “plan B”. However, getting a policy can be
complicated. This is because plans can differ in terms of when you can start to
collect payment, how long a period it covers, and what the insurer considers as
legitimate claims. Fortunately, doctors seeking to protect themselves from the
vagaries of misfortune via income protection insurance can count on the
services of professional financial planners.
