For doctors and medical professionals, income is the single most important financial asset. It is the result of years of study, training, and dedication, and it underpins everything from paying the mortgage to supporting your family and building long-term wealth. Income protection insurance ensures that if illness or injury prevents you from working, a regular benefit replaces part of your income so that your financial stability is not lost.

Doctors often underestimate how vulnerable they are to income disruption. Long hours, high stress, and physical demands increase the risk of illness or burnout, while accidents can happen to anyone. Without protection, even a temporary loss of income can create financial strain, especially when mortgages, school fees, and practice costs continue regardless of your ability to work.

Income protection provides regular payments, usually up to 75 percent of your income, during periods where you are unable to work. These payments can cover everyday living expenses, loan repayments, and ongoing financial commitments. For practice owners, income protection can also provide support to keep the business running while you recover.

The key is choosing the right policy and structure. Waiting periods, benefit periods, and definitions of disability can vary widely. For medical professionals, an “own occupation” definition is critical, as it ensures you are covered if you cannot perform the duties of your specific medical specialty. Ownership through superannuation versus personally also affects tax and accessibility. Regular reviews are essential, as income levels and responsibilities often increase throughout a medical career.

Income protection is not just about covering worst-case scenarios. It is about providing peace of mind that even if your career is interrupted, your financial security and lifestyle are maintained.