Whether you choose to buy your clothes from designer stores or from 'George' at Asda, you'll still be covered - and if you choose the latter, you'll save yourself some money.
But follow the same principle with your locum insurance and you could be severely exposed.
Why? Because the easiest way to save money is to buy a policy that excludes pre-existing conditions. These policies will have a clause saying that there is no cover for an illness that gave rise to, say, five days' absence in the previous two years.
Let’s say you hadn't been ill in the past two years - why would this clause bother you?
Because when you do fall ill and make a claim, this clause could be invoked at your next renewal date.
Example
Dr A has never had a day off sick. He buys a cheap policy because the 'pre-existing conditions' clause doesn't bother him.
Then he falls ill and is found to have a malignant growth on his kidney. It is removed and he takes a few weeks off work to recover.
He makes a claim, which is paid out, and he congratulates himself on having insurance.
Next year, a further malignancy is found - and he is aghast to find that THERE IS NO COVER because, at the renewal date, the 'pre-existing conditions' clause kicked in.
Buying cheap may not be such a good idea if your cover starts falling apart once you have made a claim!
The opinions presented in this blog are solely those of the author on behalf of Practice Cover Limited and they do not constitute individual advice. Practice Cover is a trading name of Practice Cover Limited and is authorised and regulated by the Financial Conduct Authority
