August 12, 2021

Flexible Income protection for Teachers and NHS workers

We are experienced in providing flexible income protection for clients who are employed by the NHS or are Teachers. This type of policy could provide a tax-free income should you fall ill and are unable to work. This type of cover could continue to pay out until you are able to return to work or until you retire.

Clients who start their employment within the NHS/ or as a Teacher soon find out that their employee sick pay benefits fluctuate the longer they are employed.

This means that there is a possibility that their sick pay entitlements won’t match the elements of traditional income protection policies. In order to match the provision of employment sick pay, it may be necessary to apply for a different income protection policy on an annual basis.

There are, however, two insurers who offer policies specific to NHS workers and Teachers. This means that you won’t have to keep re-applying to match your employee sick pay benefit.

Our clients

Mr and Mrs W, both doctors contacted us to look for income protection. They needed the most flexible policies which would dovetail their complicated work benefits. The couple wanted to protect their income should they be unable to work.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

Our Process and advice

At Future Proof, we have access to specialist insurance companies that don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.

Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK. Future Proof is committed to thorough research so that you don’t have to. What’s more, our advice comes at no obligation and with no hidden costs.  You don’t pay us directly but we get paid by the insurer if you decide to start a policy with them.

Our advice

We advised Mr W to take out a flexible income protection (IP) policy which would provide a monthly benefit of £2,449 over a term to age 60, for a monthly premium of £31.78.

For Mrs W, we again recommended a flexible income protection (IP) policy which would provide a monthly benefit of £3,100 over a term to age 60, for a monthly premium of £39.38.

With this type of specialist policy, the insurer pays out based on how long they have been working for their employer at the time of the claim.

What’s more, the policies do not exclude cover for HIV/ AIDS in the case of needlestick accidents.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and are concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

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The existence of a link to another website does not imply or express endorsement of its provider, products or services by us or St. James’s Place.