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Being a doctor in Australia comes with many rewards, but it also has its risks. For instance, you may be exposed to infectious diseases and work long hours. It’s also important to think about the financial consequences of unexpected events such as illness, injury or death, which is why it's essential to consider life insurance.
You can compare a variety of life insurance policies suitable for doctors from a panel of trusted insurers in one place through Savvy. Consider offers based on their cost, coverage, further benefits and more before you buy. Get started through us today with a free, no-obligation quote.
What are my life insurance options as a doctor in Australia?
- Term life insurance: term life insurance, or life cover, is the most common type of life insurance and can provide coverage for a specified period, usually between ten and 30 years or until you reach a certain age, such as 85. If the policyholder passes away during the term or is diagnosed with a terminal illness, the covered amount is paid out as a lump sum to their beneficiaries, with no set maximum amount for coverage.
- Total and permanent disability (TPD) insurance: TPD insurance can provide coverage if the policyholder becomes permanently disabled and is unable to work. TPD cover can either come in the form of Own Occupation or Any Occupation insurance. As a doctor, Own Occupation protection may enable you to receive a payout if you’re unable to return to your previous position, such as a surgeon, but still intend to work as a GP or health professional in another area. However, this will be subject to meeting your insurer’s terms and conditions.
- Income protection insurance: income protection insurance can provide coverage if the policyholder becomes temporarily unable to work due to injury or illness. This coverage comes in the form of a monthly benefit worth up to 70% of your income, which can last for up to five years or until you turn 65.
- Trauma insurance: trauma insurance can offer coverage for a range of critical illnesses and serious injuries, such as cancer, heart attack or stroke. This coverage can help pay for medical expenses and other financial obligations during your recovery period.
Although each of these types of insurance is available across the board to all eligible individuals, some insurance companies may also offer cover specific to doctors in the form of bloodborne disease cover. This can either be included in your policy or purchased for an additional benefit and can offer a payout if you become infected with a covered bloodborne disease (such as HIV or Hepatitis B) at work and are either temporarily or permanently unable to return to your duties.
Because each individual is different, you may wish to consider a combination of these policies to ensure you have comprehensive coverage which fits your specific needs. You’ll be able to compare a range of options in one place through Savvy, so you can fill out a simple online form to start considering life insurance quotes today.
What should I consider when comparing life insurance policies as a doctor?
Once you’ve settled on which type (or types) of life insurance are best suited to your needs as a doctor or physician, it's essential to understand how to compare policies. Some of the areas to consider include:
- Understand your needs: consider your current financial obligations and what you would like to provide for your loved ones in the future. This can help you determine the coverage amount you need and the types of policies that best fit your needs.
- Compare premiums and benefits: look at the premiums and benefits offered by each policy. While you may be tempted to choose the policy with the lowest premiums, it's essential to consider the benefits offered and the coverage amount so you or your family aren’t caught short if you fall ill or pass away.
- Read the fine print: be sure to read the policy documents carefully and understand the terms and conditions of each policy. This will help you avoid any surprises down the road and understand what you can and can’t be covered for.
- Consider your occupation: as a doctor, you may be eligible for specialised life insurance policies which offer unique benefits and features, such as bloodborne disease cover. It's essential to research these options and determine which companies may offer them if you would like them included in your coverage.
By taking the time to compare life insurance policies, you’ll increase your chances of finding an offer which fits your needs and provides greater peace of mind for you and your loved ones.
Why is life insurance important for doctors?
As a doctor, you've spent years building your career and earning potential. Unfortunately, accidents and illnesses can happen at any time, leaving you unable to work and provide for your loved ones.
Life insurance is important because it can provide financial security in the event of an unexpected illness, injury or death. This coverage can help pay for medical expenses, lost income and other financial obligations, such as your mortgage and other bills, to help look after your loved ones during a difficult time.
Additionally, as mentioned some life insurance policies offer unique benefits and features for doctors, such as coverage for specific illnesses or injuries that are more common in the medical field.
By taking the time to understand your options and consider what the right coverage is for you, you’ll be able to determine what your ideal life insurance policy looks like and compare providers in the market with confidence.
Types of life insurance
Life cover can pay a nominated beneficiary a lump sum if you’re diagnosed with a terminal illness or pass away. This type of insurance can provide your immediate family or another loved one some financial assistance to cover funerals, medical costs and day-to-day expenses.
If you’re injured or too sick to work for an extended period, income protection insurance is designed to help you focus on your recovery. You can be covered for up to 70% of your usual wage for a chosen period, such as five years or up to age 65, depending on the level of coverage you buy.
This type of insurance is designed to offer cover to those who are permanently disabled by injury or illness and are no longer able to work. You can choose to take out cover for an inability to work in your current job or in any role suited to your qualifications.
Trauma insurance is a type of policy which provides you with a lump sum payment in the event of a critical illness or major accident. The conditions eligible for claims will be outlined in your insurer's PDS, but can include cancer, heart disease, severe head trauma and cardiovascular disorders.
Why compare life insurance through Savvy?
Common questions about life insurance for doctors
Helpful life insurance guides
Life insurance by your condition & profile
Compare life insurance options aligned to your medical condition and profile and receive no-obligation quotes from some of Australia's leading insurers.
Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.