What is Loss of Income Insurance?
Loss of Income Insurance can provide a regular replacement income if a dentist is unable to work because of illness or injury. Typically, a policy pays out after they’ve been off work for 2 weeks (often called a deferred or waiting period) and pays a percentage of salary until they return to work.
What Does Loss of Income Insurance Cover?
Loss of income insurance will help pay for specific continuing expenses that are covered under the policy, which could include weekly benefits, household utilities expenses and care assistant benefits.
- Pay an on-going regular income if you can't do your job because of an accident or sickness.
- Rehab support services to help you return to full health as soon as possible.
- Own Occupation - this means the policy will pay out, after the waiting period, if because of sickness or an accident you are unable to do your usual occupation.
Why Do I need Loss of Income Insurance?
Everyone might have savings to fall back on, an adequate company redundancy package, or company sick pay that’ll cover illness in some circumstances but Loss of Income Insurance will help you to maintain your lifestyle and pay the bills if you can’t rely on these, either in the short or long term.