Essential Guide to Income Protection Insurance for Doctors

Illness (Physical and Mental Health)

Accidents

Partial vs. Total Disability

Short-Term vs. Long-Term Coverage

• Age – the earlier you start, the lower your premiums tend to be
• Specialty risk level – surgeons and procedural roles often pay more than GPs
• Income and coverage amount – higher monthly benefits increase premiums
• Waiting period – longer deferral periods can significantly lower costs
• Benefit duration – coverage until retirement costs more than short-term plans

• Fixed expenses – mortgage, rent, utilities, and practice overhead
• Lifestyle costs – daily living expenses and personal spending
• Debt obligations – student loans, business loans, or other financial commitments
• Family responsibilities – dependents, spouse income support, or childcare costs
• Private practice considerations – higher overheads may require higher coverage

• Own-Occupation Definition: Critical for doctors to ensure benefits are paid if unable to perform medical duties.
• Guaranteed Premiums: Provide stable, predictable costs over the policy term.
• Inflation Protection: Helps maintain the value of your benefit amount over time.
• Partial Disability Benefits: Offer support if you can work reduced hours.
• Mental Health Coverage: Important, given the prevalence of mental health conditions in the medical profession.