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Income protection for doctors

There are two main requirements of financial independence - wealth creation and wealth protection.

Our professional and client focused insurance team is experienced in determining the right level of cover and the right insurers when it comes to specialist insurance advice for doctors.

Personal insurance comes in different forms, including:

  • Death cover
  • Total and permanent disablement (TPD) cover
  • Critical illnesses/Trauma cover
  • Income Protection cover

Medical professionals may also benefit from bloodborne illness cover or needlestick cover.

What level of cover should you choose?

Personal insurance comes in different forms. We will help you determine the right level of cover and the right insurer based on your individual circumstances.

Our approach to insurance for doctors

Needs Analysis

First we will complete a full Insurance Needs Analysis with you. This allows us to determine how much cover is required to cover your debts and significant medical expenses, and provide ongoing income to dependant family members. We can allow for other requirements, such as funding private school fees for children in the event of death or disability.

Extensive Product Research

We complete extensive research and provide a full comparison to ensure you have a comprehensive understanding of your existing cover and other covers available. This means you can make considered and informed choices.

Pre-Assessments

Walshs offers a thorough and comprehensive pre-assessment process. We provide anonymous and confidential information regarding medical issues or hazardous pastimes to a range of underwriters. These underwriters then provide feedback regarding possible underwriting concerns and outcomes before lodging an official insurance application. This allows us to determine the most suitable insurance product for your personal situation and minimise time spent applying with multiple insurers.

Tax Effectiveness

We determine the most appropriate ownership structure for your insurance and how to benefit from tax deductions.

Will I be covered?

One of the biggest concerns we hear about income protection for doctors is whether their policy will payout should they suddenly pass away or become sick or injured. Direct and group policies can have a wide range of blanket exclusions that are easily overlooked when you directly purchase your insurance.

Engaging an adviser or insurance broker can ensure you are better informed about the circumstances your insurance policy covers. APRA data shows that retail policies purchased via an adviser or insurance broker generally offer a higher claim admittance rate (96%) than policies purchased directly (88%). This could be attributed to a better understanding of the policies' limitations and access to income protection policies that properly fit the client's needs.

Want to know more?

If you have any questions about how we can help you with insurance and income protection for doctors, book a complimentary meeting at a time that suits you.

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