Income Protection for Pharmacists
As a Pharmacist standing for long periods of time requires physical stamina and any injury could impact your ability to work significantly. Income protection can be an important safety net for several reasons:
- Principal Pharmacists carry very significant responsibilities, because the pharmacy can’t open unless there is a pharmacist on site the principal carries very significant responsibilities and stress.
- Salaried pharmacists are unlikely to receive sick pay for longer than a few weeks as a replacement needs to be found quickly so that the pharmacy can open.
- Exposure to workplace risks, dealing with patients and being in a healthcare environment can increase the risk of illness or accidental injury.
- Illness or Injury: If you become unable to work due to illness or injury, income protection can provide you with a portion of your salary, helping you maintain your lifestyle and meet financial obligations.
- Peace of Mind: Knowing that you have a financial backup can reduce stress and allow you to focus on recovery if you face health issues. You can insure up to 75% of your income.
- Financial Commitments: If you have loans, mortgages, or other financial commitments, income protection can help you keep up with payments even if you're unable to work.
- Self-Employment: If you're self-employed or own a pharmacy, income protection is crucial as you won't have employer-provided benefits to fall back on.
Overall, income protection helps safeguard your financial future against unforeseen circumstances.
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."
