Income Protection for Doctors & Medical Workers

Income protection insurance for doctors can ensure that medical professionals such as physicians and surgeons do not have to worry about loss of income when they are ill. These covers can also ensure that the family of medical professionals do not have to suffer additionally, when the policy holder is disabled, sick or cannot work due to any other reason.

Depending on the type of cover of income protection insurance purchased, the medical professional may be covered for one or more than one illnesses. Usually income protection insurance for doctors protect the policy holder and offer compensation payments when the policy holder is infected with a blood borne disease at work due to which he becomes ineligible to work for a few days, months or years.

Choosing a long benefit period with a good income insurance plan can ensure the financial safety and the happiness of both you and your family when you are ill, injured, disabled and need to take some time off to get better.

Eligibility Of Income Protection For Doctors

Permanent Australian residents who earn a fixed or variable income practicing medicine are eligible to get income covers. Medical professionals who are qualified and have the documents to support their profession are eligible to get income insurance plans for doctors.

Income proofs have to be submitted by the buyer either at the time of purchasing the contract or the time of filing the claim. The time to submit these documents will depend if the buyer as purchased an indemnity or agreed value contract. Chiropractors, acupuncturists and other doctors that practice alternate medicine can also apply for these covers with certain insurers.

To be able to purchase an income cover, the medical professional has to work for a minimum of 30 – 35 hours a week. Different insurers may have differing terms related to the minimum number of hours and duties the buyers should perform at work.

Insured Amount

The insured amount for doctors will depend on their annual pre-tax income and the benefits their employer provides them. Self-employed doctors can opt for the business expenses insurance plan to enjoy additional benefits such as compensation payouts for fixed costs of the business when a successful claim is filed.

Benefits of Income Protection Insurance For Doctors

  • The basic compensation benefit given to the doctor will depend largely on how much he earns, his eligibility, the documents he provides, his health status, his smoking status, his habits and his extra-curricular activities.
  • The needle stick cover offered to certain medical professionals, ensures that the policy holder is taken care of financially if he contracts a blood borne illness due to getting pricked with a needle at work. Needle stick covers are optional, may cost extra but ensure a lump sum compensation payment if the policy holder is affected at work due to Hepatitis C, HIV or any other illnesses that can be contracted with the prick of an infected needle. Dentists, surgeons, lab technicians medical practitioners, physiotherapists, chiropractors are some of the professionals that can benefit from a needle stick cover.
  • If the doctor opts for total disability cover as part of his income protection insurance plan then he can get monthly compensation payments if his claim is accepted. There are three types of total disability definitions offered by Australian insurers. The first type is the duties definition and this definition ensures that the policy holder gets the compensation payment or payments if he cannot perform at least one income producing duty related to his profession. The second type of the income profession and this definition ensures that the policy holder gets the compensation payment or payments if he cannot earn more than 20% of his income before being disabled. The third type is the hours definition and this definition ensures that the policy older gets the compensation payment or payments if he cannot work for more than 10 hours every week. The disability covers offered by Australian insurers are beneficial to doctors who are self-employed professionals.
  • The guaranteed future insurability cover is offered at no cost in the cover chosen by the medical professional provided the selected insurer offers this facility. This benefit allows the policy holder to increase the monthly benefits by up to 15% every year without a lot of paper work or any underwriting.
  • The inflation benefit allows the policy holder to enjoy an increased cover limit as per the rise in inflation. The CPI index is used to determine the increased cover limit for the policy.

What To Remember For Doctors & Medical Workers
When Getting Income Protection Insurance

  • Physicians, surgeons and other medical professionals can expect to receive a maximum of 75% of the buyer’s annual income towards monthly compensation payments if they file a claim that is accepted. This 75% is tax deductible which implies that the buyer may also be eligible to enjoy some tax concessions. Some insurers may offer additional perks such as superannuation compensation perks if the policy holder’s salary offers this benefit.
  • Income covers do not offer financial protection against loss of job unless stated so in the legal document provided to the buyer when he selects a plan. If you are looking for a policy against terminal illnesses then you should consider purchasing a critical illness or trauma insurance plan.
  • Income covers generally do not offer financial support to the family members of the policy holder if he dies prematurely while the policy is active. The only possible exception to this is if the policy holder has the death benefit as part of the income cover package. Buyers who want to purchase a death cover should consider purchasing a term life insurance cover. A funeral insurance cover can be purchased along with the life insurance cover for a nominal fee.
  • The day one claim benefit is usually offered for an extra fee. This benefit can make the policy holder eligible to file a compensation claim even while the waiting period of the policy is active. The claim amount will be given to the buyer when the waiting period is over and adjustments if any will also be made at this time.

Life Insurance For Doctors & Medical Professionals

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