.svg)
Income Protection for Doctors and Dentists
Income Protection for Doctors and Dentists
Written by
Hannah Lovegrove
Edited by
Laura Crowden
Reviewed by
Adrian BennettEasily compare income protection quotes
Save time and effort by comparing income protection with iSelect’s trusted partner Lifebroker
What is income protection insurance?
Long story short
Income protection insurance helps cover lost earnings
If illness or injury stops you working, it can pay up to 70% of your income for a set period.
Income protection can be a smart choice for doctors and dentists
Healthcare work carries unique risks, so you might value financial protection if illness or injury stops you working.
Income protection costs vary based on your circumstances
Factors like salary, waiting period, benefit period, and optional extras all influence your premium.
What is income protection insurance?
Income protection insurance is a type of life insurance. If you’re unlucky enough to get sick or injured and can’t work for an extended period, it’s there to give you a safety net. It can pay you a monthly benefit of up to 70% of your income for the length of time you choose when you take out your policy.
Why might doctors and dentists need income protection?
As a doctor or dentist, you’re often responsible for improving the health of your patients. But who will be there to cover you if you’re unable to work due to sickness or injury?
The medical profession comes with a number of unique risks, with healthcare workers often exposed to a range of diseases, illnesses, and other safety hazards that may impact their ability to work. Given the risks, it can be particularly important for doctors and dentists to take steps to protect their financial security should they be unable to work.
How does income protection work?
Income protection insurance covers a large portion of your income in the event you’re unable to work due to illness or injury. Income protection will generally cover up to 70% of your salary until you return to work or your benefit period ends.
Common benefit periods are two to five years, but some income protection policies cover you up to a specific age, often around 65. Depending on your income protection policy, you might also be subject to a waiting period that you choose at the beginning of your policy, which is the amount of time you have to wait until your payments kick in.
Waiting periods can vary considerably, but when comparing your options, it’s important to understand that shorter waiting periods and longer benefit periods generally result in more expensive premiums.
Helpful tip
Considering income protection? While you’re at it, it might be worth your while to look into life insurance more broadly. There are other forms of life insurance that can take care of you or your family if you were to pass away, become permanently disabled, or suffer from a critical illness or serious injury. While it’s not very pleasant to think about any of these possibilities, getting your head around your options and bundling policies might save you some money in premiums.
Adrian Bennett
General Manager for General Insurance
How much does income protection cost for doctors and dentists?
The cost of income protection varies a lot, depending on your particular circumstances. Things like your salary, the waiting period and benefit period you choose, and your lifestyle can all make a difference. There are also often optional extras you can add to your policy that could increase your premiums.
To give you an idea of how much income protection insurance could cost for medical professionals, we’ve pulled together a table that compares income protection premiums for doctors and dentists by salary.
Monthly income protection premiums for doctors and dentists
| Salary | Monthly Premium |
| $200,000 | $6 |
| $300,000 | $8 |
| $400,000 | $11 |
Source: Indicative prices from iSelect comparison tool, November 2025. Based on a 35-year-old non-smoking female from Melbourne. Prices have been rounded to the nearest dollar.
What policy features might doctors and dentists wish to consider?
Doctors and dentists are often exposed to a number of health and safety hazards, so it’s only fair that income protection policies for these professions cater to the unique risks that come with their job.
Many income protection policies for doctors, dentists and other medical professionals offer additional features, like:
Needlestick Benefit
This feature provides a monthly benefit for any lost income when you’re diagnosed with a bloodborne disease as a result of an occupational incident,
Bloodborne Disease Benefit
This feature provides a lump sum payment in the event you’re infected with a bloodborne disease, like HIV or Hepatitis B or C, as a result of an occupational incident,
Own Occupation
This typically means you’re covered if you’re unable to perform tasks specific to the occupation or specialty you’re employed in at the time of your claim. It’s worth noting that you can only select your own occupation for the first two years of your policy. After this point, it will revert back to any occupation.
It’s important to note that these features aren’t available with all income protection policies.. Please refer to the relevant product disclosure statement (PDS) for more information on policy features and their definition of the product feature.
Is it worth getting income protection for doctors and dentists?
According to Safe Work Australia, the healthcare and social assistance industry has the highest proportion of work-related injuries and illnesses, accounting for 29,108 claims in the 2023–24 financial year. Given that context, doctors and dentists might particularly benefit from income protection.
But ultimately, the question of whether income protection is worth it for you depends on your unique situation and preferences. It’s worth considering how you’d cope if you couldn’t earn a salary for an extended period, and weigh that up against the cost of premiums. You might find that the extra peace of mind is worth it, or you might decide that you can live with the risk.
Frequently asked questions
Do I need income protection if I’m eligible for workers’ compensation?
Even if you’re eligible for workers’ compensation, it’s often still worth taking out income protection to ensure you’re covered if you’re unable to work due to injury or illness.
Workers’ compensation typically covers injuries and illnesses that are directly work-related. On the other hand, income protection insurance may cover a broader range of situations, including illnesses or injuries that occur outside of work. So, if you come home from a holiday with a broken wrist that prevents you from working for a period of time, income protection may cover you while workers’ compensation won’t.
Is income protection insurance tax deductible?
Generally, yes, income protection insurance premiums are tax deductible. According to the ATO, only the premiums you pay to protect your income (salary and wages) may be tax-deductible.
It’s also worth noting that if you receive an income insurance payout under, you must declare it in your tax return.
Don’t I already get income protection as part of my superannuation?
Most super funds offer their members income protection or salary continuance cover. With that said, it’s important to check in with your super fund to see what insurance comes default and whether this cover is adequate based on your professional and personal circumstances.
While having default income protection through your superannuation can be less hassle than taking out a separate policy, the level of income protection cover offered by super funds may be lower than what you can get directly from a life insurer. Not to mention, insurance cover provided as default through super may not be tailored to your individual circumstances.
Where can I find and compare income protection?
At iSelect, we’ve teamed up with Lifebroker to help you compare policies from a range of leading life insurers.
Easily compare income protection quotes
Save time and effort by comparing income protection from a range of policies and providers with iSelect’s trusted partner Lifebroker
iSelect’s partnered with Lifebroker (AFS Licence number: 400209) to help you compare a range of income protection Insurance policies. iSelect earns a commission from Lifebroker for each customer referred through the website or contact centre. Lifebroker do not compare all life insurers or policies in the market.
iSelect Life Pty Ltd – ABN 89 124 304 347, AFS Licence Number 331128. Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policies. You should consider iSelect’s Financial Services Guide which provides information about iSelect services and your rights as a client of iSelect.