Insurance for Doctors

As a doctor there are numerous risks that you face every day. Of course there are many ways in which you can manage these risks, but they can never be reduced to zero.

For the risks that you cannot control or remove completely, the best option for managing the financial consequences is insurance.

There are a number of different insurance policies available to doctors. Many of these policies are similar to those used by other workers, however there are some important factors for doctors to look out for.

In today’s guide we will look at some of the most common forms of insurance for doctors and exactly what they cover, but first we will run through some of the special issues that doctors must consider when taking out personal insurance.

Special Considerations for Doctors

As a doctor you face a number of risks that few other professionals and other workers will ever have to deal with.

Potential risks on the job include needlestick injury, blood splashback, bone dust inhalation and occupationally acquired HIV.

Whilst many people would assume that these risks would all be covered by a doctor’s insurance policy, the truth is that most policies do not cover all of these risks.

When looking at any form of personal insurance for doctors, including income protection and life insurance, it is important to choose a policy which provides cover for all of these risks.

Life Insurance for Doctors

The road to becoming a doctor is a long and challenging one. Each doctor will have different reasons behind their motivation, but many will agree that part of the attraction is the ability to provide a strong financial future for themself and their family.

Doctors know better than anyone that life can be cut short at any time, and if that was to happen to you, how would your family’s financial future look? Could they still achieve everything that you had envisaged and planned for?

Life insurance can help by providing a lump sum amount in the event of your death or upon diagnosis of a terminal illness.

The funds from a doctor’s life insurance policy can be used to repay any personal and business debts, and can also be invested in a way which will provide an ongoing income to your surviving family and loved ones.

Income Protection for Doctors

One of the most important forms of personal insurance for doctors is income protection insurance.

As a doctor your ability to work depends heavily on your continued health. Any injury or illness that limits your movement (especially your hands) or your ability to think clearly could seriously affect your ability to work and earn a living.

Income protection insurance can replace up to 75% of your income (and up to 100% in some cases for new doctors) if you cannot work for a period of time due to illness or injury.

There are plenty of different options and levels of cover when it comes to income protection for doctors, so it is best to speak with a qualified financial adviser before making any decisions on your income protection.

TPD Insurance for Doctors

As mentioned above, it can sometimes be easy for a doctor to suffer an injury or illness that leaves them unable to work for a period of time. But what if the injury or illness what serious enough that you could never work again?

TPD stands for total and permanent disability, and the insurance covers you if you suffer an injury or illness that leaves you unlikely to ever return to work.

There are two definition options which apply to TPD insurance, and the choice of definition is arguably more important for doctors than for any other professional.

The two TPD insurance definitions are known as ‘own occupation’ and ‘any occupation’, and you can read more about them on our dedicated TPD insurance for doctors page.

Trauma Insurance for Doctors

Trauma insurance is a very important form of cover for a doctor or any other worker.

Dr Marius Barnard, who was part of the team who performed the world’s first heart transplant, was also the inventor of trauma insurance. He famously said:

“As a medical doctor, I can repair a man physically, but I can’t repair his finances.”

Trauma insurance pays a lump sum upon diagnosis of a critical illness. There are dozens of illnesses covered, however the most common conditions include heart attack, cancer and stroke.

The funds from a trauma insurance payout can be used to cover out-of-pocket medical bills, travel and accommodation costs and any other expenses that need to be covered.

Other Forms of Doctors Insurance

The types of insurance outlined above are regarded as personal risk insurances. Other forms of insurance needed by some doctors include liability and indemnity, however these are classified differently and are not handled by our team.

If you require assistance with any other form of insurance for doctors that is not listed above, please get in contact with us and we will put you in contact with one of our referral partners who may be able to assist.