Income Protection for Medical Consultants
As a Medical Consultant your expertise is your livelihood, your ability to work impacts your considerable financial stability. As the HSE sick pay guidelines are wholly inadequate to maintain your standard of living and your exposure to an illness or injury is very high.
- Your own occupation is specific to your extensive training and you would not wish to retrain to an alternative profession if you were unable to operate your speciality due to illness or injury.
- Substantial financial commitments come with specialised medical education and skills. Mortgages, education fees, insurances, family costs, retirement, future expectations are all part of those commitments.
- Financial Security: If you become unable to work due to illness or injury, income protection can provide you with a regular income to help cover your living expenses and financial commitments. The state benefit is circa €12,500 pa.
- Long-Term Career: Medical professionals often have long careers. Income protection can safeguard your income throughout your working life, providing peace of mind.
- Family and Dependents: If you have a family or dependents relying on your income, income protection can help ensure their financial stability in case you're unable to work.
- Self-Employment or Private Practice: If you work solely in private practice you will have no benefits. HSE benefits are limited to 6 months half pay and six months full at best.
Consultants have a very high exposure to financial risk as they have established a very substantial income. Covering as much of that income as possible is a key part of your financial planning.
Why Do You Need Income Protection?
Your Expenses Don’t Stop
Your financial responsibilities continue. Income protection ensures you can meet your commitments.
State Benefits Not Enough
Government supports may not be sufficient to cover your professional and personal expenses.
Peace of Mind
Knowing that your financial future is secure allows you to focus on recovery without added stress.
"Dr Vladka was diagnosed with cancer in late 2012 and has undergone four extensive surgeries since. Unfortunately the treatments have resulted in a significant loss of arm/shoulder mobility, rendering her unable to work for the foreseeable future. Vladka’s Income Protection policy has provided her with a weekly income since her first diagnosis and will continue to do so as long as she is unable to work."
"When I applied for income protection in 2013, I was in perfect health. Then suddenly I found myself laid up with broken bones from a serious car accident. I had barely paid my first premium, but Omega honoured their word. I never had to worry about payment, and the claim form was simple and quick. It was one major headache I didn’t have to deal with. I would recommend every professional to seek income protection, because you never know what lies ahead."
"I like to keep fit and healthy and it is rare that I am unable to work due to illness. However in recent months I have claimed on two occasions for 2 days of lost income as a self employed business owner. The claims process was swift, DG kept me informed and the claim was paid within 7-10 days. Overall I have found the support provided by DG and Omega Financial to be excellent and would recommend highly."
"As a general dental practitioner who owns a mixed private/GMS practice I thought it was essential to have Day One income protection against a rainy day. Practices have so many hidden costs that a considerable down time would put real strain on the every day running of the practice so I felt Day One protection was essential. Covid-19 was one of those down times. Overnight the practice shut its doors and all sources of income were lost."
