If you got sick and couldn’t work do you have a plan for how to pay your bills? How much sick pay do doctors get? Where’s the best place for doctors to get insurance (it’s not where you’d think)

Medics’ Money was founded by Dr Ed Cantelo (a doctor and a chartered accountant) and Dr Tommy Perkins to help doctors learn how to improve their finances. In less than 5 minutes this article will teach you everything you need to know about how to protect your most valuable asset – yourself.

If you get stuck you can get a free consultation with an Independent IFA – approved by Medics’ Money with reviews for GMC registered doctors like you here.

How Much Sick Pay Do Doctors Actually Get?

Many doctors mistakenly believe that NHS sick pay will completely sustain them through long-term recovery. Your entitlement is a sliding scale that depends entirely on how long you have worked for the NHS:

The Danger for GPs, Locums, and Partners

If you aren’t a salaried hospital doctor, your financial risk is significantly higher. Salaried GPs may be bound by specific BMA contracts, while GP Partners must rely strictly on their partnership agreements—which often require you to fund your own locum cover out of pocket after just a few weeks. If you are a Locum doctor, you usually receive no sick pay at all.

What Insurance Do You Actually Need?

The best way to get the right policy for you is to consult an expert Independant IFA. Click here to book a free consultation with a Medics’ Money approved adviser here.

Broadly speaking, there are three adverse health scenarios you can insure yourself against. The right combination depends heavily on your circumstances; a junior doctor with no kids has very different protection needs compared to a 40-year-old consultant with three children and a large mortgage.

1. Inability to Work Due to Illness or Injury (Income Protection): This is the core foundation. It protects 55–60% of your gross monthly income via regular, tax-free monthly instalments. Payouts continue until you can safely return to work, pass away, or reach your chosen retirement age.
2. Diagnosis of a Serious Condition (Critical Illness Cover): Unlike income protection, Critical Illness (CI) cover pays out a one-off tax-free lump sum upon the diagnosis of a specific condition like cancer, a stroke, or a heart attack. It is typically used to wipe out large debts (like a mortgage) rather than cover daily bills.
3. Protecting Your Family and Home (Life Insurance / Mortgage Protection): To ensure your family isn’t left with debt if the worst should happen. This can be structured as Decreasing Term (drops in line with a repayment mortgage), Level Term (stays fixed for interest-only mortgages), or Family Income Benefit (pays a regular income to support children).

Top Tips to Get the Right Policy for the Right Price

To ensure you don’t overpay and that your policy actually pays out when you need it, follow these core Medics Money guidelines:

• Insist on the “Own Occupation” Basis This is non-negotiable for medical professionals. If a surgeon injures their hand, they can no longer operate. Under an “Own Occupation” policy, the insurer pays out. A lesser policy—like “Suited Occupation” or “Any Occupation”—could legally force you to work in another retail or administrative job instead of paying your claim.
• Tie Your Deferment Period to Your Sick Pay Ending The “deferment period” is the waiting time before your insurance payouts start. A specialised advisor will perfectly align (“dovetail”) this period to trigger the exact month your NHS full pay drops or ends. The longer the waiting period you can afford to set generally the cheaper your monthly premiums will be.
• Tie it to Your Expected Retirement Date Many generic tools default these policies to end at the state pension age (often 67 or 68), which drives up premium costs. If you plan to retire earlier, or will have access to large pension pots and savings by a specific age, aligning the policy end date to that milestone will reduce your monthly premium.
• Start Early Income protection premiums are based heavily on your age and health. The younger and healthier you are when you apply, the cheaper your lifetime premiums will be, and the less likely you are to face medical exclusions.
• Review Existing Policies Regularly If you took out a policy shortly after finishing medical school and haven’t touched it since, your income, mortgage, and family dynamics have likely changed significantly. Your old policy is almost certainly inadequate for your current lifestyle.

Why Comparison Websites and General Advisors Fall Short

DIY comparison websites and general high-street advisors don’t understand the nuances of NHS contracts, tiered sick pay, or specialised medical roles. Furthermore, Restricted or Tied Advisors can only sell products from a limited panel or a single company, meaning you could end up significantly overpaying for inferior coverage.

How to get the best deal

To get the best deal, you need to work with an Independent Financial Advisor (IFA). An IFA searches the whole of the market for the most competitive rates. Because they are typically paid a commission by the provider, the policy costs you the exact same as going direct, but you gain the security of expert, doctor-specific advice.

Take 5 Minutes to Secure Your Financial Future

Don’t leave your financial foundations to chance. Medics Money has thoroughly vetted a panel of specialised, independent financial advisors who understand the exact intricacies of medical careers and NHS contracts.

Get a complimentary, no-obligation review of your existing coverage, or build a custom protection plan tailored to your grade and specialty.