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Testimonial 1
After qualification, we attended a local mess meeting. The Medical & Professional representatives were very clear and knowledgeable about their products.
We decided to apply for Income Protection via Medical & Professional, they clearly explained the NHS Ill Health benefits and how the Income Protection plan they were recommending dovetailed...
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Testimonial 2
I would recommend that everybody should have income protection. When I became unable to work, Medical & Professional were extremely helpful during my claim ‘’holding my hand’’ throughout the whole process. The Insurer they had recommended dealt with my claim in a very professional and courteous manner and I was always treated with respect and dignity by their staff. The money I received from the policy helped greatly to reduce finance...
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Life Assurance for Doctors

In simple terms, Life Insurance pays out a lump sum or a regular income upon the death of the policyholder. The trick is calculating the correct level of cover to ensure that you are not paying for too much. Clearly, in the event of a death, you can’t have too much life cover, but it makes more sense to tailor your cover for a required need. Thus you will pay for the cover you should actually have.

Cover can be arranged in two ways

1. To Pay out a lump sum, i.e. say £250,000
2. To pay a tax free monthly or annual income, i.e., say £1500pm Or £18,000pa

Lump Sum Life Cover- Term Assurance

Calculating lump sum life assurance can sometimes be quite difficult, (unless you are using the cover to run alongside a mortgage). However, if you were to assume that in the event of your death, the NHS would (currently) pay out a lump sum equivalent to circa twice your annual pensionable income, plus a residual pension income to your spouse (based on the number of years of service), your spouse would lose not only your NHS income but your future pension. Therefore, insuring for a capital lump sum is vitally important.

This could be used for:-

1. Your Children’s University fees, potentially up to £50,000 per child
2. To help with providing a deposit for your child’s first house
3. To put aside a cash sum to help with retirement provisions for your spouse

There are plenty of calculations available to create a lump sum, but as you are likely to benefit form a reasonable level of protection form the NHS, it may just be practical to insure for the equivalent of your NHS lump sum payment, or twice your pensionable income.

Income Based Life Cover- Family Income Benefit

Income based life cover is by far the easiest benefit to calculate. This type of cover pays out a tax-free income to your spouse or beneficiary over a set period. Therefore, if for example, you had dependent children, there could be a need to put life cover in place to protect their educational years. Again, if you assumed that your child would continue into higher education the period of dependency (and the term of the life cover) could be tailored to say their 24th year, i.e. the plan term would be from the age your child is now to the end of their University Education, i.e. if you child is 4, then you would set your cover period to 20 years

Our experience of dealing with an unexpected death is that the surviving spouse tends to look for a replacement income to help with bringing up the children. It could also be reasonable to assume that your spouse might reduce their working hours and may have to pay for someone to ferry the children back and for to school and cover things such as school holidays etc. This is where this type of plan fits perfectly. You set the cover level to suit your personal family requirements. As a guide, we would normally suggest say £1000pm, for one child and say £1750pm for 2 children, but the choice is up to you.

I the event of a death, the plan would start to pay out tax-free income on a monthly basis until the end of the selected term. We normally arrange the plans on a joint life basis, i.e. in both parents names.
MPI Online is a trading style of Medical & Professional Investment LLP (Registered in Wales OC338105), which is authorised and regulated by The Financial Conduct Authority. This Internet site is directed to UK residents only. You are responsible for satisfying yourself that under the laws of your home jurisdiction you may lawfully access this Internet site. Please ensure you read our User Terms, Client Agreement, Mortgage terms of business and Privacy statement. Medical & Professional Investment LLP do not provide any advice on policies arranged through the MPI Online website though the regulated firm responsible for the processing of your application remains Medical & Professional Investment LLP whose FCA registration number is 485852.