Nurses provide a vital level of care. Unfortunately, things can go wrong when helping others on the road to recovery. An injury whilst administering care can put you out of action and leave you unable to work. It’s at this time you’ll be thankful that you have income protection insurance.

What Nurses Should Know About Income Protection Insurance? 

Income protection insurance guards you against the financial impact of being unable to work due to injury, sickness or disability. It will help to shield you from financial hardship by allowing you to cover the essential costs, like bills, rent or mortgage payments.  

You will receive a percentage (normally 50 – 70%) of your gross monthly pay. This money is tax-free and will continue until you can go back to work or your policy ends. 

It’s up to you to decide how much cover you want or need. Most insurance companies give you the option of increasing the amount of cover.

When Would Nurses Make an Income Protection Insurance Claim? 

You should contact your insurer to make your income protection insurance claim if you’re unable to work because of an injury, accident, disability or illness.

Make sure that a qualified doctor has confirmed your injury before approaching your insurance company.

After you’ve received the relevant paperwork, put in your claim as soon as possible to get the ball rolling. Most income protection policies have a waiting period. This is the amount of time that you will need to be off work before you start getting your payments. The waiting period can be anything from four weeks up to two years.

Why Nurses Should Get Income Protection Insurance?

You will benefit from income protection insurance whether you work in the public or private sector. Although most nurses are entitled to statutory sick pay, it can be hard to stretch this amount to cover your expenses. 

Payment protection insurance gives you peace of mind. If you’re injured or sick, the last thing you need is to worry about your finances. 

Stress normally makes any illness worse. Knowing that your financial necessities are taken care of if you are unable to work will help your recovery. You will then be able to go back to helping others to get better. 

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