Term life, health and professional indemnity insurance: what each is for, what to avoid, and why insurance is not an investment.
What this topic answers
The questions we are working through, in your words.
- Do I need term insurance yet?
- Is my employer’s health cover enough?
- What does professional indemnity cover?
- Which policies should I avoid?
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Everything we have published on this topic.
A doctor’s first money plan
Your first stipend or salary, in the right order: know your numbers, build a cushion, protect what you cannot afford to lose, deal with expensive debt, then invest simply for the long term.
In preparation
Commissioned and being written. They appear above when they are ready.
Terms to know
From the money glossary.
- Term insurance
- Life insurance that pays a sum only if you die during the policy term, with no savings or investment element. It protects people who depend on your income, usually at a far lower cost than policies that mix insurance with investment.
- Health insurance
- Insurance that pays for hospital and related medical costs. Doctors are not immune to illness, and an employer’s cover usually ends with the job.
- Professional indemnity
- Insurance that covers a doctor’s legal costs and compensation in claims of professional negligence. Check what your employer’s cover includes before relying on it.
- Super top-up
- A health policy that pays once your total medical costs in a year pass a set threshold, used to add cover above a base policy.
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