Employees of the National Health Service or NHS often get "some" benefits for working there including pension & sick pay?
How does sick pay work for employees at the NHS; well if you can not work the job role would pay your salary according to your employment package (sometime known as NHS Band and job role). The duration these monies are paid will differ per job within the NHS however the majority is depicted on length of service.
This is a fabulous benefit for many NHS employee's but unfortunately what happens after this time frame? Just like many families in the current world of financial difficulties we still need to pay the Mortgage, put food on the table and make ends meet financially.
Income protection helps in this regard. Income protection gives (like sick pay) an agreed amount of money each month for a defined period. A big variable is when this money would be received by the family - in this i mean the longer the delay from ill to cash hitting our bank the cheaper the income protections monthly premium.
For employees of the NHS we can use this to their advantage! Now not all providers do this; but we can set a delay or deferment period of twelve months to obtain the LOWER premiums and some providers will start paying half the income payments when the employees NHS sick pay reduce to half pay! Again meaning the employee is on the equivalent of full pay even in their reduced pay period from NHS yet their premiums look like the deferment period is 12 months!
Terms and conditions apply which Golden Rock Solutions is happy to discuss after all we all get ill and if we can protect our known costs in the event of any illness this has to be a clever idea right?
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