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doctors income protection insurance

Why Doctors Need Income Protection Insurance


Nov 5, 2019


You do your best to live a healthy lifestyle and ensure that your family does too. But not even the best preventative steps can give you immunity from all potential accidents and illnesses. As a doctor, you know this better than anyone.

Even healthy, educated, well-paid and hard-working doctors like you need to have sufficient insurance cover to get you through any unexpected hardship.

Doctors Are Exposed To Work-Related Injury Risks

The primary reason medical professionals like you need to have sufficient injury and illness coverage is that your industry is a high-risk one.

According to Safe Work Australia, 16% of workers’ compensation claims were filed by health care workers in 2014-15. Over half of those claims were due to physically taxing the body.

Your profession is a physically-demanding one and poses a lot of risks to your health. One wrong move or a small oversight could lead to serious injury or illness.

Not to be overlooked is the mental toll on doctors and workers in the medical industry. Everyone from nurses on up to top neurosurgeons experience stress in their jobs that can have an impact on their health and productivity.

If you are a doctor who runs your own practice or works in a partnership, your stress, and level of risk, is even higher. You need to be certain that you have the right insurance coverage to cover your treatment and cover your lost income in the event of a work-related accident or injury.

Doctors Have More to Lose When They Have to Stop Working

You may have acquired a good deal of debt when you upgraded your lifestyle to match your earning potential as a doctor. Losing your job or earning capacity because of illness or injury could see you sink even deeper in debt unless you have good insurance coverage. In particular, you’ll need income protection insurance which will replace a large portion of your missed income.

Doctors Are Often the Primary or Sole Income Earners

You also need to think about your family. Losing your ability to work as a doctor could leave them facing a significant setback in their goals and lifestyle, with you unable to support them.

Having adequate income protection insurance in place will ensure that your family is provided for no matter what happens to you.

The best income protection insurance options for doctors

There are income protection providers and options available on the market. As a doctor, it is crucial to choose wisely. It is highly recommended to talk to an adviser who understands your needs and can help you find the best option for you.

Get advice

Given your busy schedule and many responsibilities, it can be easy to neglect your insurance needs until it’s too late. So don’t leave your life to chance – get started now.

At Nitschke Nancarrow, our practice provides accounting, financial planning and insurance services for medical professionals.

Contact us. Our medical finance specialists are available in Adelaide, Sydney, Melbourne and throughout Australia. Managing partner Kym Nitschke is available for a free initial discussion about your situation. Call us on (08) 8379 9950 or send me an email.

– Kym Nitschke

The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Taxation, legal and other matters referred to on this website are of a general nature only and are based on Nitschke Nancarrow’s  interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.

Nitschke Nancarrow specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.

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