PRACTICE PROTECTION A UNIQUE SERVICE OFFERING MORE THAN JUST INSURANCE

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1 PRACTICE PROTECTION A UNIQUE SERVICE OFFERING MORE THAN JUST INSURANCE

2 A unique history and insight The original Medical Sickness Society was created by doctors for doctors in 1884 to provide financial support and guidance. In 1997, Medical Sickness Society became part of the Wesleyan Group and we continue this today through our unique service to GP practices. An established network of specialist advisers We have a nationwide team who deal exclusively with GPs, their families and practices. This focus means they have been able to develop a rare level of expertise and insight into the financial needs and requirements of GPs. From the early days as a trainee right through to retirement, many areas of financial planning are covered. Services provided include: Guidance on the NHS Pension Scheme CPD accredited presentations on a range of topics that contribute toward revalidation credits Help in understanding liabilities and issues around partnership agreements Personal financial planning Locum and Role Replacement cover Commercial insurance solutions Public and Employers Liability insurance Practice financing Face-to-face advice and support whenever needed

3 A tailored advice service The value of this is easily overlooked, particularly when there is so much time pressure on GPs and Practice Managers. The temptation to just get a quote online is understandable, but may turn out to be a false economy. It may take time initially to work through specific requirements, but our customers value this attention to detail: I am very happy with the service my Financial Consultant has provided me over the last few years, as I have transitioned from salaried GP to Partner. His advice is tailored to my needs and circumstances. He has prepared locum insurance as a group for some of the partners and was given sound advice regarding its consideration as part of our partnership agreement. Dr D.S. Walker, GP in Sheffield, Yorkshire Our approach to practice protection There is no one size fits all approach. This applies within an individual practice, as well as between practices. For example, a 62 year old partner with no mortgage, no dependent children and with the option for 24- hour retirement is in a very different financial situation to a 35 year old partner with a large mortgage, young children and only a small accrued NHS IIl-Health Pension. They may have the same liabilities, but will need very different solutions. We begin by identifying the individual needs of each partner based on the partnership agreement. Any solutions we recommend will take into account the liabilities of each partner, their existing arrangements (including other income sources, savings and existing protection plans) and personal circumstances. It is important to also include any business liabilities such as: Contingency planning for key personnel absences, in particular Practice Managers and Nursing staff The business s liability for sick pay } } Protecting income following the death of a key member of the practice

4 Specialist solutions for specialist requirements Our Financial Consultants have access to a range of options to select from when making recommendations. This includes our exclusive in house products, plus those from a small number of carefully selected third party providers.

5 Ongoing advice and support Our commitment is to provide ongoing face-to-face support and advice across the life of our policies, responding to any changes that occur. GPs and staff may leave, new recruits come on board, sessions worked may vary and there are always external factors to be considered. For example, the change to GP contracts with the NHS which made support payments in the event of sickness absence an entitlement rather than a rarely delivered discretionary payment. Wesleyan provided practices with an explanation of the impact of those changes on the practice s need for locum and role replacement cover. In summary The unique history and insight of Wesleyan means that our practice protection offering, delivered by our specialist GP Financial Consultants, provides much more than just insurance. This includes: A long standing heritage of supporting the medical profession Financial Consultants who work exclusively with GPs A detailed assessment of specific needs and requirements Bespoke solutions tailored for each practice An exclusive product range Regular face-to-face contact as needed To discuss your practice protection needs with a Financial Consultant: npracticereview@wesleyan.co.uk n nwww.wesleyan.co.uk Please quote reference when contacting us Advice is provided by Wesleyan Financial Services Ltd. WESLEYAN is a trading name of the Wesleyan Group of companies. Wesleyan Financial Services Ltd (Registered in England and Wales No ) is authorised and regulated by the Financial Conduct Authority and is wholly owned by Wesleyan Assurance Society. Wesleyan Assurance Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Incorporated in England and Wales by Private Act of Parliament (No. ZC145). Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: Fax: Telephone calls may be recorded for monitoring and training purposes. GP-SP-23-10/17

6 Being a mutual is the bedrock of what Wesleyan does. It is integral to how we think about our business and the way we look after our members, customers and our communities. We believe mutuality has many advantages. It allows us to put our members and customers at the heart of all we do rather than shareholders and the need to maximise short term profit meaning we are able to focus on what s right for those who invest in our business. Not just for today, but for the long term. For over 175 years our mutual status has served us well, and we have no doubt it will continue to do so for many years to come. The Wesleyan Group of companies provides advice and solutions on a wide range of products and services to meet both the personal and business needs of our customers. For you For your business Savings Mortgages Finance & Funding Personal Protection Investments Insurance Equipment Insurance Staff Protection Retirement Planning Personal Loans Premises Insurance Life & Income Protection For more information about the Wesleyan Group of companies, visit wesleyan.co.uk/legal-disclaimer For regular news, updates and information find us on social media. Visit: If you would like this document in Braille, large print or audio format, please contact