Clients working in the public sector don’t usually have straightforward sick pay arrangements. They could get paid 100% of their salary for a defined number of months, followed by 50% of salary. Sick pay entitlement can also change with each year of service, making it difficult to select the right waiting period.
How can providers help advisers solve this problem?
Many providers offer NHS sick pay guarantees as part of their income protection policies to make it easier for advisers to recommend this cover to their clients in the public sector. The guarantees have been designed especially with medical professionals, such as dentists, doctors and surgeons in mind. You will simply need to choose the deferred period specified under the guarantee by the provider when setting up the policy.
It is also worth remembering that your clients don’t necessarily need to be employed by the NHS to use these guarantees. For example, LV= have just announced that doctors, dentists and surgeons will no longer need to be employed by the NHS as long as their sick pay arrangements match those of the NHS.
How else can providers support medical professionals?
Most providers don’t like the idea of your clients not getting what they paid for. That is why lots of policies will include a benefit guarantee to ensure your clients who are medical professionals are protected against a genuine drop in income after they take out the policy.
If you have clients who are medical professionals that may want to work abroad in the future then you can still be confident that their income protection will cover them. Many providers offer cover they can take with them to a selection of countries.
Many providers offer a sabbatical cover feature that allows your client to take an extended break away from their role whilst still being covered under their policy providing they continue to pay their premiums.
No exclusions for HIV or AIDS
Needle-stick injuries can be a common occupational hazard for NHS workers. And while the risk is small, you can rest assured that lots of providers don’t have any exclusions for HIV or AIDS.
Helping you protect others…
All of these solutions make it easier for you to recommend an income protection solution to your clients who are medical professionals. And don’t forget some policies will also have sick pay guarantees for teachers too.
Find out more about income protection for medical professionals.
This article has been written by LV=
Mortgage brokers may find themselves managing a team of other brokers. Let's find out how you can deliver success and drive your team to the very best they can be.
Brokers can help guide their clients with the necessary finances in order to secure the property they want. Here are 5 key options to help investors at auction.
Landlords want mortgage brokers who are experts in Buy-to-Let mortgages. Attract their business by showing them you have in-depth knowledge of the rental market.
The equity release sector is undergoing huge growth but in order to sustain this, lenders need to innovate and adapt in line with consumer trends.
With so many homeowners looking to take on home improvement projects, we take a look at how to keep on top of the current market activity.
The 'Income Roulette' research highlights financial worries, concerns and attitudes, particularly those belonging to the 'Sandwich Generation'.
Dedicating resource to online marketing can be difficult for brokers. Here are four areas which you can focus on without having to spend a lot of time or money.
Retirement is all about enjoyment and having the peace of mind that everything is taken care of. However, in a state survey, only 6% of workers were able to afford the retirement that they wanted.
Attracting new customers is more expensive than keeping them, so it makes good sense to invest in a good retention process. Here are some simple tips to help brokers grow their business.
Economic uncertainty may call for fixed interest rates, but a good adviser, whilst acknowledging the economic climate, should always be aware of their client's needs and sometimes variable rates are actually the cheapest option.
The product transfer/retention sector represents a big opportunity for advisers. New online tools can help ensure applications are submitted simply and swiftly, but lenders need to work harmoniously with intermediary partners and client retention should be at the top of any intermediary firm's agenda.
When a child becomes sick, financial matters should be a parent's last worry. For financial advisers, this can be a difficult conversation to have, but protection providers have worked on creating more comprehensive products that cover a range of conditions.