Income Protection for Medical Industry
Income Protection
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.
Disability definitions
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 advice@highlandfinancial.com.au 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.
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