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Income Protection for GPs in Ireland: Essential Cover for PAYE and Self-Employed Doctors

As a GP, your dedication to the health and wellbeing of others is unmatched. But what happens when your own health prevents you from working? Whether you’re a PAYE employee or a self-employed GP, income protection is a critical tool for safeguarding your financial stability and ensuring peace of mind.

In this article, we’ll explore why income protection is essential for GPs in Ireland, with tailored advice for both PAYE and self-employed doctors.

Why GPs Need Income Protection

General practitioners face unique challenges when it comes to financial security:

• High rates of burnout: Long hours and high stress can lead to illness or injury.

• Financial responsibilities: From mortgages to personal expenses, your income supports your lifestyle.

• Limited state benefits: If you’re unable to work, state benefits are often insufficient to cover your needs.

Income protection provides a safety net, replacing a portion of your income and ensuring you can focus on recovery without financial stress.

Income Protection for PAYE GPs

If you’re employed under PAYE, your employer may provide some form of sick pay. However, this often has limitations:

• Sick pay schemes vary between employers, with many only covering short-term absences.

• Once sick pay entitlements are exhausted, you may have to rely on state benefits, which fall far below the typical income of a GP.

An income protection policy bridges the gap, ensuring you receive up to 75% of your income if you’re unable to work due to illness or injury.

Income Protection for Self-Employed GPs

Self-employed GPs face even greater financial risks. Without an employer-provided sick pay scheme, you’re solely responsible for:

• Covering your personal living expenses.

• Managing the costs of running your practice, including staff salaries, rent, and utilities.

An income protection policy tailored to self-employed GPs provides essential financial stability, replacing a portion of your income and protecting your practice from financial strain.

Key Benefits of Income Protection for GPs

1. Income Replacement: Receive up to 75% of your income if you’re unable to work.

2. Tax Relief: Premiums qualify for tax relief in Ireland, reducing the cost of cover.

3. Customised Policies: Tailored to your income, whether you’re PAYE or self-employed.

4. Financial Security: Protects your lifestyle and ensures peace of mind.

How Familycover.ie Supports GPs

At familycover.ie, we specialise in helping GPs secure income protection policies that meet their unique needs. Whether you’re a PAYE employee or self-employed, we’ll help you:

• Choose the right policy for your situation.

• Maximise tax relief on premiums.

• Set up a plan with flexible waiting periods and claim durations.

Take Control of Your Financial Future

As a GP, your patients rely on you for support. Ensure you can rely on yourself, too. Protect your income with a tailored policy from familycover.ie. Contact us today for expert advice and a personalised quote.