Wealth and Income Protection Insurance
Why Income Protection Insurance Matters for Medical Professionals
Whether you are a doctor, dentist, surgeon, or medical professional, your ability to earn an income is your most valuable financial asset. Years of study and hard work have built your career, but illness or injury can quickly disrupt your ability to work and impact your financial stability.
Income protection insurance provides ongoing financial support if you are unable to work as a result of injury or illness. It provides regular monthly payments based on your income, helping you meet your financial responsibilities and focus on recovery without financial pressure.
We specialise in insurance solutions tailored specifically for medical professionals. Our experienced advisers can help ensure your income is protected, developing an insurance solution with policies designed to match your career and financial goals.
At AMA Financial Planning, we are proud to be a PPS Mutual accredited adviser. This gives eligible professionals access to exclusive life insurance products tailored to the needs of medical professionals and other high-income earners.
Income Protection Insurance for Doctors
Income protection pays an ongoing monthly benefit based on a percentage of your income. This cover is essential if you cannot work due to illness or an accident. It helps you continue to pay your mortgage, bills, and everyday expenses so you can focus on recovery rather than finances.
At AMA Financial Planning, we tailor income protection insurance for doctors, dentists, and other medical professionals. Our solutions are designed to support your lifestyle, secure your finances, and fit your career stage.
To obtain a quote or hold a discussion with one of our advisers, please complete the Wealth and Income Protection form below:
Life Insurance for Long-Term Protection
Life insurance, often called Death Cover, provides a lump sum payment to your estate or nominated beneficiary in the event of your death or a terminal illness diagnosis. This support can help your loved ones settle large debts, like a home loan, and maintain their financial security.
This cover is especially important for medical professionals who often carry significant responsibilities and financial commitments. With the right policy, you can ensure your family is protected if the unexpected happens.
Total & Permanent Disability (TPD)
Total and Permanent Disability (TPD) insurance provides a lump sum payment if you become totally and permanently disabled and cannot return to work. This type of cover is designed to provide financial relief when facing a life-changing medical condition.
It can be used to pay off debts, cover medical and rehabilitation expenses, or fund necessary lifestyle adjustments. At AMA Financial Planning, we help ensure your TPD cover matches your current financial responsibilities and future needs.
Trauma Cover
Trauma insurance, also known as critical illness cover, pays a lump sum if you are diagnosed with a serious medical condition such as cancer, heart attack, or stroke. It provides immediate financial support during your recovery.
This payout can be used for urgent treatments, specialist medical care, or everyday costs. It gives you the freedom to focus on getting better without worrying about money.
We help doctors, dentists, and other professionals choose trauma cover that complements their existing protection and offers real peace of mind.
Life takes twists and turns that we can’t always see coming. That’s why it’s so important that we are prepared for life’s emergencies. You don’t want to leave it to chance.
An accident, sickness or death of a working age parent will almost always have a significant impact on the financial circumstances of the family. Despite this Rice Warner Actuaries calculate that over 95 per cent of families do not have adequate insurance.
Having the right insurances in place can help protect your family and your income if the unexpected occurs.
There are different types of cover that fall under the broad heading of life insurance:
Life cover – also known as term life insurance or death cover, pays a set amount of money when the insured person dies. The money will go to the people you nominate as beneficiaries on your policy.
Total and permanent disability (TPD) cover – covers the costs of rehabilitation, debt repayments and the future cost of living if you are totally and permanently disabled. TPD cover is often bundled together with life cover.
Trauma cover – provides cover if you are diagnosed with a specified illness or injury. These policies include the major illnesses or injuries that will make a significant impact on a person’s life, such as cancer or a stroke. It is also referred to as ‘critical illness’ cover or ‘recovery’ insurance.
Income protection – replaces the income lost through your inability to work due to injury or sickness.
How we can help
AMA Financial Planning has access to a large range of insurers and we can tailor your wealth protection plan to suit your circumstances. We will make the insurance process as simple as possible and help you get the right cover to protect you and those you love with a financial safety net in the event that the unexpected occurs.
Aren’t I already covered through my work and the government?
You may be eligible for some compensations and entitlements depending on your situation (for example Workcover, Sick leave, Social Security). However will these be enough? Will you qualify? And what are the waiting periods?
To discuss your Wealth Protection needs please contact one of our qualified Financial Advisers at AMA Financial Planning on 1800 262 287.
We look forward to working with you to achieve your goals.
Frequently Asked Questions
We assist clients in addressing their need for life, disability, critical illness and income protection insurance. After determining how much cover you require that is appropriate to your current position and future needs, we can help design and structure a tailored insurance program.
Income Protection is critical, particularly given the significant earnings potential of medical professionals. Income protection cover is designed to replace a portion of your income if you are unable to work due to illness or injury. It helps cover living expenses, manage debts, and maintain the standard of living, providing peace of mind and safeguarding your future earnings and your family’s financial security.
The cost of income protection insurance can very significantly and is based on a range of factors, some of which include:
- Your age
- Your gender
- The level of cover in place
- The age of the policy, it’s terms and the insurer
- Whether your policy has any premium loadings
- The structure of the premium itself
To ensure you are paying an income protection that is competitive, for a policy that is well structured and appropriate to your unique needs and preferences as a medical professional, please get in touch with the team at AMA Financial Planning.
Income protection provides regular payments in the event you are unable to work as a result of an accident or illness – even for a short, temporary period. In contrast, Total and Permanent Disability (TPD) cover provides a single lump sum benefit in the event you are permanently unable to work.
The appropriateness of policy terms will depend on your current circumstances, insurance needs and preferences. A waiting period would generally be based on your ability to maintain your current standard of living while you are unable to work, until income protection cover becomes payable. The benefit period may depend on how long you will continue to work, and generate an income for. Common waiting periods are 30,60 and 90 days and benefit periods range from 2 years, 5 years and until age 65 (retiremnet age).
Types of insurance cover, particularly disability and income protection cover, have terms that can differ dramatically, i.e cover may or may not be specific to your ability to work in your own, current role or alternatively, any occupation you are reasonably suited to. It is critical to consider these factors, as well as the underlying definitions of any specific policy, with a qualified adviser.
As a subsidiary of the AMA (WA) Inc, the team at AMA Financial Planning have significant experience in working with members of the medical profession. We are familiar with your unique (and busy) working patterns, income progression and entity structures. This experience and our specialised knowledge of legislative rules and opportunies mean that we are well placed to develop a financial plan very specific to your circumstances, allowing you to achieve your long term goals and objectives.
As with any advice service, we must work through the advice process. Initially, we would meet with you to gain an understanding of your current financial position, goals and objectives. Thereafter, we are in a position to develop an analysis of your insurance needs and refine a protection strategy that takes into account your specific needs and preferences.
PPS Mutual provide select, qualified, adviser’s ‘accredited status’ where they have an established, professional, client base, are members of key industry associations, provide a dedicated client-centric service, have strong industry experience of at least 5 years and a robust business practice infrastructure.
Being accredited with PPS Mutual allows AMA Financial Planning access to a range of insurance offerings that provide policy definitions designed to suit the specific needs of medical and other professionals.