Income protection

When your health suffers, your finances don’t have to...

Why choose income protection from Wesleyan?

Designed to dovetail with your sick pay scheme, our income protection plan keeps the money coming in when you’re off work through ill health. It’s the five-star plan that gives proper peace of mind.

  • Tailored, increased cover for doctors and dentists
  • Receive monthly benefits when your sick pay ends, so your income is always covered
  • Access free healthcare and support services to get you back to work quicker
  • Adapt your protection plan as you progress through your career
  • Take out cover up to the age of 70
  • Five-star rated by Defaqto in 2021

How it works

When ill health stops you from working, it can have a real impact on your finances and quality of life.

For a short-term absence, sick pay may see you through – but what if you’re off work for longer? When sick pay runs out, would you be able to cover your mortgage and other family expenses?

At Wesleyan, we can provide you with the peace of mind that you’re covered beyond your sick pay period. Our income protection plan is designed to kick in when your sick pay ends. We’ll pay you an income every month to make sure you can meet all your regular outgoings.

If you want to change the deferred period (how quickly you receive your benefits from us) or the level of your cover, you can do so at any time. It’s a flexible plan, built to move with your career.

A helping hand

When you’re off work through ill health, knowing that your income is protected means you can focus entirely on your recovery. But that’s not the only way we help you get back on your feet.

Take out income protection with Wesleyan, and you’ll get access to a range of practical care and support services through our partnership with Innovate. Help like physiotherapy, osteopathy or counselling - all available at no extra cost alongside your plan.

Find out more in our income protection brochure.

Still studying

If you’re just starting out in your medical or dental career, we can start providing income protection cover while you’re still studying.

We’ll even pay your premiums for you in your final year of studies – and once you qualify, you’ll be able to claim discounted premiums for your early years of work.

Other ways to protect yourself

Income protection is just one of the ways you can protect yourself and your family from life’s unpredictability.

Other options worth considering are life assurance, which pays out a lump sum if you were to die, and mortgage protection, which protects the family home.

Specialist cover with a proven record on claims

Tailored to your career

We provide tailored income protection for doctors and dentists. Wesleyan Financial Services can provide a broker service* for teachers, too.

Cover you can trust

When you take out income protection, you need to be confident your cover will pay out when you need it. In 2020, we paid out on 96% of claims (£22m in total).

Expert advice

Not sure how much replacement income you’re going to need or how long the cover should last? Wesleyan Financial Services Consultants are on hand to advise.

* Wesleyan Financial Services is a broker. Insurance products are provided by a number of selected insurers.

Frequently asked questions

  • When should I take out income protection?

    There’s no right age to take out income protection. Illness and injury can happen at any age. However, as the cost of buying income protection is based on the age you are when you take out your plan, the sooner you take it out, the lower your premium may be. 

    If you’re a medical or dental student, you can take out your income protection with Wesleyan while you’re still studying. We’ll pay your premiums for your final year of study, and subsidise your premiums going forward.

  • What if I’m self-employed and don’t receive sick pay?

    Our income protection plan is designed to be flexible enough to start paying you a replacement income once your employer’s sick pay reduces or stops – but if you’re self-employed or in a partnership, you can set the deferred period yourself. 

    In other words, if you don’t have any sick-pay provision, you can choose to have the plan pay out as soon as you’re forced off work.

  • How much benefit will I receive, and how long for?

    The amount of benefit you get will depend on the level of cover you take out. However, there are some maximum limits. For doctors and dentists, the maximum pay-out is £4,000 per week. For other occupations, it’s £2,500 per week.

    In terms of how long you receive it for, it’s up to you. The standard benefit payment period is 2 years, but you can extend this to 5 years or to a period that takes you right up to your ‘plan end age’.  

    Your plan end age is the age at which your cover will stop. You can always change this later down the line.

  • What qualifies as a claim?

    To successfully claim benefit under your income protection plan, your illness or injury must prevent you from fulfilling your role. By this we mean that because of your illness or injury, you are totally unable to carry out your essential duties. Essential duties are those that cannot be left out without affecting your ability to do your job.

    We’ll always need to see a medical report from your doctor before we can pay out, and sometimes we may require you to provide more details or evidence too. There’s more detail on how we assess your claims in the Key Features Documents.

  • Is there a limit to the number of times I can claim?
    We don’t penalise you for being unwell. There’s no limit to the number of claims you can make. All we ask is that you restart paying your premiums when your claim ends so that you maintain your cover.
  • Can I make changes to my cover?
    Yes, as your career progresses and your family circumstances change, you can ask us to alter your plan at any time. That might be increasing (or reducing) your cover, putting your cover on hold temporarily, or simply changing the deferred period or plan end age.
  • What if I change my occupation?
    You don’t need to tell us if you change your occupation or role – even if you take up a totally new career. Our income protection cover is flexible enough to move with you.

Key documents

For more information on our income protection plan, please take a look at the documents below: