Income protection FAQs

What are the key factors to remember when requesting an income protection quote?
You should make sure you are clear and honest about any declarations you make on the application form. Making false declarations can invalidate a claim, i.e. any pre-existing medical condition which may affect the cover

How would an income protection policy help me?
The principal benefit of income protection insurance is to provide you with a ‘tax-free’ income stream if you are unable to work due to long-term sickness or injury. Unlike other protection policies such as critical illness or term assurance that pay out lump sum benefits, income protection insurance is designed to provide you with a regular monthly income which continues until either:

• You recover and are no longer incapacitated
• You are no longer suffering a loss of earnings
• The policy ends – usually at your retirement date
• The worst case scenario – a death

The policy ends when you reach the maximum age which you chose when you took out the policy. The options are usually age 60 or 65.

How do I apply for cover?
Simple; go to the quotes page on our website and select the appropriate quotes tab:

Hospital Doctor
GP
Locum GP

Then request a quote. If you are happy with the premium download the application form and send it to us at the following address:

FREEPOST RSBL-LSBG-XLBS
MPI ONLINE
CF33 6BJ

When will I hear from the insurer?
The insurer will contact you as soon as they have received your application and will advise as to whether you need supply any further medical information. In some cases they may need to approach your GP for additional information.

What should I look for to make sure I am ‘fully covered’ by the income protection policy?
Before you complete the application, you should read the income protection policy document (Key Features Document). This document will explain the type of cover you are applying for and the conditions you have to satisfy to make a valid claim. If you are unsure about any of the details within the plan it is imperative you contact us before applying.

Can my benefits increase every year?
Yes, you can select this option at the point of applying for your quote. We always recommend your income protection cover increases annually to ensure that, if you have to make a claim, the benefits will increase year on year.

So will my premiums increase each year?
Only if you have selected the ‘increase in benefits option’. Your premiums will increase in respect of the increase in benefit only. The premiums are ‘guaranteed’, which means the premiums will not increase because of a change in health, claims made or due to age.

How will I know which deferred period is the best one for me?
If the NHS employs you, your benefits will have to match the NHS Ill health scheme. These are likely to be 6 months full pay followed by 6 months half pay. When requesting a quote, you must quote from the Hospital Doctor tab.

If you are a self-employed GP, it is likely that your practice agreement will state you are entitled to 12 months full pay. Therefore, you must obtain your quote from the GP tab. If your practice agreement is not 12 months then you must insert the appropriate deferred period, i.e. 6 months, 9 months etc.

I am a G.P. Locum; can I still apply for income protection cover?
Yes, of course you can. As a GP Locum you receive no NHS sick pay benefits. In addition, if you are self- employed (working as a Locum or GP Partner) you are not entitled to Statutory Sick Pay (SSP). Income protection is therefore extremely important. You must choose the deferred period you would be happy with, i.e. 1 month, 3 months, 6 months etc. and then request your quote.

Do not forget, the longer the deferred period the longer it will be before the insurer pays your benefits. If you are unclear about any aspect of the above, please contact us before requesting your quotation.

Does the income protection plan include ‘own occupation’ cover?
An important consideration for doctors is to choose an income protection policy that offers cover based on your ‘own occupation’. This is of particular benefit if, for example, you are a surgeon and wish to be insured based on that specific profession. Losing a finger is more likely to restrict you than it would if you were a GP. Own occupation means that, if you are unable to do your job regardless of whether you could do another, the policy still covers you.

Is there a maximum monthly benefit limit?
Yes, the monthly benefit is linked to your income. In most cases, the total monthly benefits must not exceed 65% of your gross annual income. When requesting a quote, insert your income and the calculator will display the maximum benefit you are eligible for. Alternatively, you may request a quote in the form of a weekly or monthly benefit.

How would I make a claim?
That is simple, you can either contact us and we will deal with your claim on your behalf, or alternatively you can contact the insurer direct. Please note that you must make either us or the insurer aware of your claim as soon as practically possible, as any undue delay may invalidate your claim.

Is there anything my income protection quote will not cover me for?
The main instances when you will not be covered are for any condition, injury, illness, disease, sickness or related condition and/or associated symptoms whether specifically diagnosed or not, which you knew about (or ought reasonably to have known about) at the time the income protection policy starts.
Please ensure you read the Key Features document, to ensure you are happy with the plan and plan definitions before you apply for cover. If you are unclear, please contact us for clarification.