Insurance cost for young doctors As a young doctor, income protection is vital as you are establishing yourself both professionally and financially. At this stage in your life, you cannot allow a few months - or even a few years - away from work to compromise your financial goals. Income protection insurance for young doctors may be less expensive than you think. Let's take a look at a typical package for a recently qualified doctor. Michael is 31 year old GP based in Queensland. He doesn't smoke, and he has no major pre-existing medical issues. Caring about his financial security, Michael would like a policy that will continue to pay him until he reaches age 65, and he would like his monthly benefit to increase each year in line with inflation if he's on claim. Michael would like to insure himself for $10,000 per year which he feels is adequate for his needs. Michael's adviser here at DrInsurance, Mark Rothnie, researched Michael's needs and found that the cheapest policy would cost just $89 per month. Although this is a great price, Mark's experience meant that he knew the cheapest policy was far from the best policy for a doctor, and if Michael was to take this cheaper policy he may be compromised at claim time. Instead of recommending the cheapest policy, Mark recommended a different company's policy with a premium of $118 per month. Although this policy was $30 more than the cheapest policy, Michael was happy to proceed after Mark explained to him the considerable extra benefits available that were specific to doctors. These extra benefits related to blood and bone dust inhalation, as well as splash back and needle stick injuries. For an extra $30 per month it would be madness for a doctor not to be covered for these major risks. Although the recommended policy was not the cheapest, it was certainly not the most expensive either, which the most costly comparable cover coming in at over $150 per month, despite not having the full range of features that the recommended policy did. Because we specialise in insurance for doctors we know which insurance companies and which insurance policies are most appropriate for your personal situation as well as your role as a medical doctor. To obtain more information about your insurance protection insurance, or any other form of doctors insurance, please call our office on 07 3007 6555 or complete our online quote request form. Click here for an obligation free online quote.

Product Snapshot What is it? Income Protection. When does it pay? When you are unable to work due to injury or illness. What does it pay? A monthly benefit, usually equal to 75% of your income. Who should have it? Doctors who rely on their income to support themself and their family. How much is it? Click here for a free quote Glossary Waiting Period The period of time you must wait before your payments will commence. This can generally vary from 14 days to 2 years depending on your preference. Benefit Period This is the period of time for which you will continue to receive payments for if you are unable to work. Generally this period will be from 2 years through to age 65, however some of our insurers will cover up to age 70. Benefit Amount This is the monthly amount that you are insured for and will receive if you are unable to work. Day 1 Accident Cover This option alllows you to be paid sooner if you off work due to an accident, and will have your benefit back-dated to day 1 rather than having to go through the waiting period. Agreed Value By providing evidence of your income up front the insurer can agree to a fixed amount of cover to be paid in the event of a claim. For doctors, some of our insurers will allow an agreed value on incomes up to $100,000 without the need for evidence.