PruProtect has unveiled a new Income Protection product for doctors.
The National Health Service has a structured sick pay for doctors which increases each year during the first five years of employment. Should they become ill, injured or disabled and can’t work; they receive full pay for a limited number of months, followed by half pay for a limited time.
Advisers therefore may need to produce new quotes, and potentially issue new policies, with new deferred periods, every year. However, this new cover has been designed to automatically change in line with the NHS sick pay structure.
PruProtect says this option means payments will automatically tie in with the doctor’s NHS sick pay structure, avoiding the potential need to make regular manual changes to the client’s policy while meeting the client’s specific needs.
“The normal structure of Income Protection deferred periods does not dovetail with the NHS sick pay structure,” explained actuarial and product director, Deepak Jobanputra. “This makes it very difficult for advisers to match an appropriate solution for NHS doctors.”
Peter Le Beau, co-chair of the Income Protection Taskforce, added: “I think PruProtect deserves credit for tailoring their cover to address this specific market situation. This will really help facilitate cover for NHS doctors and as such be a really good sales aid.”
Quotes including the new option will be available to advisers from 22 September.