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So who’s looking out for them? Income protection may provide you with peace of mind, so if something happens to you and you’re unable to work, you can still rely on a income (subject to policy terms).
Income protection is kind of like a safety blanket for a portion of your salary. If you have an accident and suffer a partial or total disability, income protection insurance may cover you for part of your income if you’re unable to work. For example, let’s say you work as a surgeon. If something were to happen to your hands, you’d be unable to work. With income protection insurance you could get up to 70% of your pre-tax income, subject to the limits if your policy.
Every provider who has an income protection insurance product will likely have a different definition for what is considered partial and total disability, so it’s important to carefully read over the relevant Product Disclosure Statement before deciding to take out cover with a provider.
Healthcare workers may be exposed to health and safety dangers every day, including blood borne diseases, contagious illnesses, back injuries, dermatitis, exposure to toxic chemicals, radiation and mental health issues.
That’s why it may be beneficial for healthcare professionals, like dentists and doctors, to consider income protection as one of the ways of potentially protecting their income. Like most insurance policies, income protection may only cover certain conditions/ injuries/ circumstances, so make sure you have a carful read over the relevant Product Disclosure Statement before deciding to take out cover.
Every person’s circumstances and needs are different. If you are unsure whether income protection is suitable for you, you may start by asking yourself some of the following questions:
You could then speak to a financial planner regarding how income protection may help protect you or you could start by doing some research on your own. If you are unsure how much income protection you would need., you may start with looking at your monthly expenses and your monthly income, and go from there.? It is always important to check any other insurance policies you have that might be able to help cover ongoing expenses or medical bills, such as private health insurance, Total & Permanent Disability cover (TPD), or Trauma Insurance.
The cost of income protection for health care professionals depends on a number of factors, including:
Similar to other insurance policies, there’s often a waiting period you need to complete before you can receive payments. The waiting period refers to the amount of time you are off work before you are eligible to receive claim payments (if your claim is approved). The difference here is that you generally get to choose the length of your waiting period. Generally, the longer the waiting period, the cheaper the policy. For income protection policies it can usually be between 14 days and two years.
When you sign up to an income protection policy, you need to agree upon a benefit period. A benefit period is how long you’ll receive financial support after your claim has been approved. Most providers offer two to five years or up to a specific age. Longer benefit periods are more expensive, but they can also offer more protection.
Income protection policies generally come with two different premium options: a stepped or a level premium.
There’s no right or wrong answer when picking what type of premium you want to go for. It is important to check the relevant Product Disclosure Statement as these premium definitions may differ between insurers.
Before signing up to a policy, make sure you’re aware of what you are and aren’t covered for. Here’s a list of things income protection generally won’t cover:
Therefore, make sure you have a carful read over the relevant Product Disclosure Statement before deciding to take out cover, so that you are fully aware of any limitations and exclusions that may apply.
Every provider’s income protection policy is different. As is everyone’s unique situation. For example, as a GP you may decide you need a different policy compared to a surgeon, dentist or a nurse. So it’s important to do your research and compare a range of different policies to find one which may be suited to you. At iSelect we’ve partnered with Lifebroker to help iSelect customers compare income protection policies. Click here to compare from Lifebroker’s range of policies and providers, or call today on 13 19 20.
Last updated: 27/07/2021