Income Protection for Medical Industry
Income protection replaces your income in the event that you cannot work due to illness or injury. When determining your ability to do any particular job, the specifics of that job must be taken into consideration. For a Dentist, there will be numerous specialised considerations.
How does it works?
You’ll receive a monthly benefit for each month you’re:
- Totally Disabled, or
- Partially Disabled.
You can select the appropriate qualifying periods depending on your needs. Generally you can choose between 14 days to 2 years Waiting Periods and the Benefit Periods vary from 2 years, 5 years or reaching age 65.
When do benefits end?
Payment of benefits usually will continue until:
- you stop being Totally or Partially Disabled
- you reach your maximum benefit period, or
- your Income Protection insurance ends.
Why have it?
Income Protection Cover is designed to replace up to 80% of your monthly income if you’re unable to work due to sickness or injury—making sure bills and expenses can still be paid while you’re recuperating. Having this cover gives you peace of mind to concentrate on recovering and getting back to work, rather than worrying about your investments or savings diminishing. Some of your premiums may be tax-deductible, depending on your individual circumstances.
The Australian income protection industry currently uses three disability definition models to assess and evaluate disability:
- Income based, when an injury or illness causes loss of income
- Hours based, when an injury or illness causes a reduction in your working hours
- Duties based, when you are rendered unable to perform specific duties
You must be covered for all three
A policy that covers you for all three of these possibilities offers you the most flexibility and the fastest solution if you are injured. It also keeps the insurance company from denying a claim on a technicality, or tying it up in court for years.
Why choose Highland Financial?
Medical professionals in Australia have long considered Highland Financial to be their leading financial services provider. We provide financial planning and wealth solutions to our doctors and their families, and our finance specialists are uniquely able to anticipate and solve problems for the medical profession.
You may contact us by emailing firstname.lastname@example.org or by calling 1300 657 037 for an initial consultation, or for us to provide a complementary assessment and review of your present insurance policies.
Have you thought about what you would do if you could no longer rely on your primary source of income? Would it create a disaster in your life? Most people will never think about taking steps to protect their income until it is already too late.
You never know what fate may have in store for you. Disaster can strike at any time, even in places where people think they are safe.
We live in a world that is simply filled with risk at every turn. Making sure income is safely protected should be a high priority for everyone, but sadly there are few people who understand the importance of it.
They may even believe that if disaster were to strike, they could rely on the government to help them out. Centrelink benefits, for example, are the traditional recourse for people who suddenly find themselves without employment or hit by temporary setbacks.
What they don’t consider is that Centrelink benefits are not overly generous. They are barely enough for extremely frugal people to survive on, and nowhere near enough to meet the financial obligations of a person who normally receives a steady income.
People with a decent level of income often make purchases in the expectation of being able to pay for them by the end of the month. Fail to do so, due to missing out on your expected income, and you’ll end up with a debt.
Debt is a painful trap to fall into, and it’s a trap you should definitely try to avoid. The amazing thing is you can easily and affordably set up income protection. It’s just that most people don’t know they can do it, don’t know how to do it, or don’t understand the value of doing it.
Let Highland Financial help you protect your income
Setting up an income protection plan through Highland Financial is a smart move. It is the low cost and simple income protection that will see you through hard times if they should befall you.
What happens if you never run into hardship? Does that mean your income protection insurance is wasted? No it doesn’t, because over the course of an entire year, your income protection actually costs you nothing at all. Why? Because it is tax deductible, so whatever you pay, you can claim it back from your income tax.
When you consider that the overall cost to you for having the insurance is nothing, and that you stand only to gain from it, it is truly incredible that everyone doesn’t rush to make sure they have this kind of income protection policy in place.
Income protection is available for very low cost, that cost is tax deductible, and it will provide you with enough money to meet your financial obligations for the immediate future if you lose your primary source of income temporarily or permanently.
When you are ready to set up your income protection plan, talk to the experts at Highland Financial, and enjoy the peace of mind that comes from knowing your income is assured.
Highland Financial are financial planners based in Brisbane who specialise in wealth creation and management. We provide financial planning services and advice that is geared to your financial situation. Visit our website or call us and see how we can help you generate wealth.