Many consultants assume their NHS sick pay provides a sufficient safety net. After all, the NHS offers one of the most generous sick pay schemes in the UK. However, for consultants who also run a private practice, this safety net only covers part of the picture. If illness or injury strikes, your private practice income stops immediately, creating a massive, often unexpected, financial shortfall.
The Reality of the Protection Gap
When a consultant is unable to work, the financial impact is twofold. While your NHS salary may continue for a period under the standard sick pay terms (typically six months full pay followed by six months half pay, depending on length of service), your private income ceases the moment you stop seeing patients or performing procedures.
This creates a significant “protection gap.” For example, a consultant with a £90,000 NHS salary and a £45,000 private income might assume they are financially secure. However, at Month 7 of an illness, their income drops dramatically as NHS half-pay kicks in and private income remains at zero. By Month 13, their income drops to zero entirely.
Use our Clinician Income Protection Gap Calculator to visualise your specific shortfall and see exactly how much of your private income is at risk.
The Broadbench Solution: Tailored Executive Income Protection
Standard income protection policies often fail to account for the complexities of a consultant’s dual-income structure. To truly protect your lifestyle and financial commitments, you need a policy that reflects your total earnings.
This is where tailored Executive Income Protection becomes essential. A specialist policy can be structured to cover both your NHS salary and your private practice income. Furthermore, if you operate your private practice through a limited company, the premiums for Executive Income Protection can often be paid by the business, offering significant tax efficiencies.
Don’t wait until illness strikes to discover the gap in your finances. Ensure your total income is protected.
Read our comprehensive Consultant Income Protection Guide for more detailed insights, or contact Broadbench today to discuss your specific requirements.
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