Do I need income protection?

Posted on June 06, 2017 by Daniel James

Income protection blog image

Personal service is everything to us. We’ve been getting to know vets for a while now; working closely with BVA, we’ve put together a range of services to help vets in their professional and personal life.

Whether insuring your practice, your home or yourself, our team are here to help you arrange the protection you need. And, when it comes to planning for the future, our Independent Financial Advisers can help you put together a financial plan to achieve what’s important to you.

What is income protection?

Income protection is a policy that pays a percentage of your income if you’re unable to work due to injury or illness.

In the event of a claim, a policy will typically pay out 50% - 65% of your income; depending on your insurer. When you arrange a policy, you can choose how long you can wait before making a claim (known as your deferred period) and how much cover you need. These choices will affect the premium you pay.

Why do I need it?

While you might be, fit and healthy now being a vet carries with it what some might call “occupational hazards”. As well as dealing with animals who aren’t particularly pleased to see you, vets can also suffer from high levels of stress.

BVA’s Voice of the Veterinary Profession survey revealed that over half of farm vets were injured at work during a 12-month period. Statistics from the Health and Safety Executive (HSE) also reveal that agriculture is the most dangerous industry to work in.

Nobody likes to think about not working but if you couldn’t, would you and your family be financially okay? Having a back-up plan is always a good idea and can offer you invaluable peace of mind. Plus, it probably isn’t as expensive as you think.

You can get a quote on our website and compare policies, from our dedicated Quote Zone; designed with veterinary professionals in mind.

Lloyd & Whyte (Financial Services) Ltd is authorised and regulated by the Financial Conduct Authority. This article is for informative purposes only and should not be considered financial advice.

Daniel James

Written by Daniel James

DipPFS

Daniel James is Director of Client Services at Lloyd & Whyte, who are the appointed independent financial advisers of BVA. Daniel has been working in the financial services industry for 20 years and advising BVA members on their finances for the past 15 years.