DAY ONE & DEFERRED INCOME PROTECTION PLANS
INCOME PROTECTION FOR VETS
Whether you are self-employed, privately or DoA employed, find out how income protection cover works, securing the lifestyle you have built for you and your family...
INCOME PROTECTION FOR VETS
Income Protection cover provides you with a replacement income in the event that you become unable to work due to accident or illness. This is particularly relevant for Vets who are for the most part employees and have no sick pay entitlements apart from maybe a week’s salary payment. Your benefit will last for as long as you are unwell, right through to retirement age. You can choose to cover yourself from Day 1 or a deferred period of time.
Omega's unique Day 1 policy options (through DG Mutual) provide cover from the very first day of illness, meaning that not only are the larger issues covered, you will also be able to claim a benefit for any minor illness or injury from day one, no waiting period.*
What Type Of Cover Do I Need?
We have seen a very significant number of claims from both large animal and companion animal vets over the years. Similar to other medical professions it can be difficult for veterinary employers to pay sick pay to their vets in the incidence of them being sick or getting injured.
Large Animal Vets are definitely the most likely of all the professions to be injured during the course of their working day. A look at our testimonial page will show you how Vets have claimed for being kicked by horses and cows, they’ve been bitten and suffered broken legs when animals landed on them. Companion Animal Vets also suffer more than their fair share of injuries at work.
No Vet Loading for Day 1 Cover
Both companion and large animal Vets are loaded for their profession by insurance companies who offer deferred income protection. DG Mutual (Day 1 Cover) on the other hand don’t discriminate against Vets and provide the cover to them at the same rate as a doctor, an accountant or a solicitor.
Self Employed, Employed & Dept of Agriculture Vets
Employment characteristics of Vets can be broken into three categories. A large proportion work for the Dept of Agriculture which entitles them to three months full pay and three months half pay (6 months & 6 months if a critical illness). To maximise the income protection benefit and to minimise the cost, it is wise to put in place a plan that incorporates these benefits and matches the income protection cover with the illness benefit and the appropriate deferred period.
Veterinary surgeons who are employed in private practice may be entitled to some sick pay from their employer. This generally tends to last no longer than two weeks over one or two years. If it suits an employed Vet we can put a 4 week deferred plan in place or we can go with a Day 1 plan. It can be a very good idea for the principals in a Vet practice to encourage their Vets to cover themselves for income protection as it means the burden of responsibility doesn’t fall on them if an employee falls ill or gets injured at work.
The most suitable plan for a self employed Vet is a Day 1 plan as it means they are protected from the beginning of any illnesses or injuries and do not have to suffer a period of lost income.
NO DEFERRAL PERIOD - COVER FROM THE FIRST DAY
ALL ACCIDENTS & ILLNESSES COVERED (except pre-existing)
TAX RELIEF ON PREMIUMS AT THE MARGINAL RATE
100% CLAIMS PAID SINCE INCEPTION
*in relation to the current pandemic, COVID-19 and some respiratory illnesses cannot be covered for new members (since 1st April 2020)
1 IN 7 MEDICAL PROFESSIONALS CLAIMED ON THEIR INCOME PROTECTION POLICY IN 2018
Just over 1 in 7 Medical Professionals, including Vets, claimed on their income protection policy in 2018 compared to 1 in 8 the previous year, marking a significant increase.
Across the professions, the rate of claims for accidents and injuries rose to 10% with numerous fractures to fingers and ankles reported. This of course renders most medical professionals unable to attend work until a full recovery has taken place.
Unfortunately there was a noted increase in cancer-related claims, accounting for 5% of the total claims paid.
OUR PARTNERS & PROVIDERS
Dr Vladka Vilimkova
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.
Dr Emma O'Hara
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.