Locum GPs and Financial Vulnerability

As Fidelius has recently embarked on the new British Medical Association (BMA) partnership, it’s been a pleasure being on the road speaking to BMA members across the UK at various events.

Having recently attended the BMA Conference in Liverpool, medical professionals of all levels have been eager to learn about key financial planning topics, ranging from understanding what financial planning can do for their future, up to learning more about the complex case that is the McCloud Remedy.

Whilst most conversations with members revolved around the technicalities of the NHS Pension Scheme, there were many Locum GPs that feel vulnerable due to the ‘What if’ scenarios.

What is Locum GP?

“A locum GP is defined as one who temporarily takes the place of another GP. Locums are usually self-employed and are sometimes also referred to as freelance GPs.” – BMA

In most cases Locum GPs will have no entitlement to Sick Pay and Death in Service will only apply if they are on active pensionable service on the day of death.

As a Financial Planner, protection to reduce financial vulnerability is a conversation topic that often comes up, but I was surprised that every Locum GP I spoke with had insufficient or even no cover at all. Most had significant mortgages and/or debt which again, had no protection.

Being face-to-face with these BMA members meant that luckily, I was able to provide indicative costs of cover at the event. This was well received by the Locums as they were surprised at how reasonable the premiums are and how straightforward the process is to be get the cover in place.

Are you prepared against ‘What if’ scenarios?

The challenging thing about ‘What if’ scenarios, is they often come out of the blue, with the repercussions leaving individuals and families left feeling huge shockwaves. Yet, despite being far friendlier than people anticipate, protection is something frequently far down in people’s priorities.

Yet, just like the Locums I had the pleasure of speaking to at the BMA event, small actions can offer huge comfort for when those ‘what if’ scenarios come around.

If you are a either BMA Member or BMA Staff (including a family member of either group) and you would like to have a review and a complimentary chat of what you have or need to have, then please contact me via my email steve.workman@fidelius.co.uk or a private message on LinkedIn.

This article is for guidance purposes only and does not constitute financial advice.