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Income Protection for Surgeons


There are various income protection plans available in Australia and depending on the buyer’s profession he can opt for a policy that suits his requirements. Most insurers that offer income protection for surgeons only offer comprehensive plans since comprehensive plans are best suited to meet the requirements of surgeons who earn a certain income annually. Listed below are a few things all surgeons should know about before purchasing an income insurance policy.

Why Should Surgeons Opt for Income Protection Insurance?
Surgeons are encouraged to opt for income protection plans because these plans can ensure that professionals who earn a large amount of money annually do not have to suffer financially when they are temporarily unable to work. Good income protection plans for surgeons ensure that these professionals can concentrate on getting well soon and can resume duty to save lives as soon as possible.

Why don’t Comprehensive Plans Offer 100% Compensation?

Comprehensive Plans offer up to 75% compensation to ensure that people who cannot work do not have to suffer while they are on leave, however these plans do not offer 100% compensation since by offering less than 100% compensation, and the policy holder will be encouraged to go back to work once he recovers. These plans offer monthly compensation benefits until the policy holder is fit enough to report to work and till the benefit period of the policy is active.

Which Type of Policy Should Surgeons Opt for?
Surgeons should opt for an income protection policy that offers maximum compensation such as 60-75% of the pre tax deductible income of the professional. There are many insurers that offer up to $60,000 compensation to professionals who earn a large amount of income every month and these plans also offer additional benefits such as disability expenses or death benefit. Other benefits that are offered by leading insurance providers include cosmetic surgery benefits and compensation for loss of income if the spouse of the policy holder has to take leave to take care of the policy holder while he is ill or injured.

Should Surgeons Opt for Indemnity or Agreed Value Contracts?
Since the insured amount and the compensation amount will depend on the type of contract purchased, surgeons are encouraged to opt for agreed value contracts that guarantee annual compensation payments of $60,000. Indemnity contracts are offered for a lower cost since these contracts do not ensure that the policy holder will receive a pre-decided compensation payment. Indemnity contracts are not ideal for professionals who earn more than $40,000 annually.

It is important to note that some insurers offer lower compensation payments such as $30,000 to surgeons where as other insurers offer income protection for surgeons that provide up to $60,000 annually. The price of the selected policy will decide the compensation payment and other perks offered.


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