Plans from Swiss Life and Friends Provident protect doctors from start of career
Two new income protection (IP) plans designed to cover the needs of doctors have been launched by two providers.
Swiss Life has teamed up with the financial arm of the British Medical Association (BMA) to develop a plan which aims to reflect the changing salaries and working patterns of doctors. At the same time, Friends Provident has launched a plan designed to provide young doctors with IP before full sick pay entitlement on the NHS kicks in.
Swiss Life's offering, the BMA Services Income Protection Plan, aims to protect doctors as their salaries fluctuate through their career ' from their last year at medical school through to their work in general hospitals, general practice and private practice.
Student cover converts to cover for the newly qualified which then works alongside the NHS sick pay scheme once doctors are entitled to claim. The plan also offers the option of a guaranteed or renewable premium.
David Grimshaw, spokesperson for Swiss Life, said: 'We have worked very closely with BMA Services to design an IP product which fits the policyholder's professional development and changing entitlement to NHS sick pay benefits.'
Friends Provident's plan, the Doctors Sick Pay Initiative, is aimed specifically at doctors during the first few years after qualifiying. Full sick pay on the NHS is only available after five years' service, so the plan is designed to cover the salaries of doctors in the event of illness or accident before this entitlement begins.
Ben Gunn, managing director of Friends Provident Life and Pensions, said: 'It is rather ironic that the very people we look to for help when we are ill can find themselves not being helped by the State when they are ill. We are therefore delighted to offer protection that just might make a difference financially to their future well-being.'
Nick Kirwan, head of marketing and product development at Scottish Provident, said despite the launch of the new plans, doctors should still shop around.
'Normal GPs can be a class one risk, yet some specialist or surgeons may be declined for IP cover ' it all depends on the provider. Most insurers will offer cover on their normal IP plans, although loadings will vary. We have discussed the issue of providing specific cover for medical professionals, but it is a complicated area as cover levels and premiums depend on the exact nature of the applicant's duties. This is a key area for advice ' one that IFAs would be wise to look at,' he said.
