Your Income is Insured: The Need for Income Protection for Doctors

Income protection is a type of life insurance that you should have. Zoya Sheftalovich and Uta Mhim of Choice says:

Protection Insurance

“Income protection insurance is worth considering for all working people. It can pay a proportion of your salary if you’re temporarily unable to work because of sickness or injury… Income protection (IP) or critical illness insurance could be the most relevant type of life insurance. They are designed for when it’s more important to meet the costs of ‘living’ than ensuring family members receive a payout after your death.”

This type of insurance is ideal for those who rely particularly on their ability to work, where getting sick or facing threats of death can affect both you and the loved ones you support. By continuing to provide a steady source of cash despite the inability to work, income protection prioritises the recovery of the individual and his/her sustained living.

For doctors, this is good news. Who knows about the human vulnerability towards sickness and death better than they do? Surely, doctors – being the humans they are – are equally susceptible to illnesses like their patients. As with other types of insurances, there are policies and processes that can make income protection for doctors complicated to claim.

Here’s where reliable financial advisers come in. They may be able to assist in and educate you about strategies in approaching the risks and issues that you may encounter upon claiming the insurance. The truly competent advisers are those who display efficiency and professionalism from years of dealing with people from your industry.

In Melbourne, where medical professionals abound, there are companies that specifically offer this type of financial services. MEDIQ, for instance, works toward acting as an intermediary that ensures claims processes are as quick as possible. Companies like them assure you that you may be able to protect yourself financially, and that income protection insurance for doctors aren’t too difficult to achieve.

(Source: Income Protection Insurance, Choice, 4 May 2011)