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The ins and outs of Income Protection

🕑 4 minutes read


What is Income Protection?

Income Protection provides you with a monthly benefit in the event that you’re unable to work in your usual occupation due to injury or illness and are under the care of a registered medical practitioner, who certifies that you are unable to work in your usual occupation. After a predetermined waiting period, it pays you a monthly income until you return to work. However, in the event you are not able to return to work, it may continue up until age 65 or 70.

Why do I need Income Protection?

Income Protection is an extremely important part of your overall financial plan. When you earn an income, 100% of your income will be allocated to either spending, savings, repaying debts or paying fixed expenses. If your income suddenly stops, it could have a devastating impact on your finances and potentially push back many of the goals you wish to achieve.

Why is it particularly important for a medical professional?

DPM’s accumulated knowledge has shown us that, as a medical professional, you will be earning a higher income than the average occupation. It is also likely that your income will increase at a quicker rate than the average occupation. As a medical professional, if you don’t work, you don’t earn an income. Your income earning potential is your greatest asset!

Why is it important to set up Income Protection sooner rather than later?

It is important to set up cover so you are fully protected should the worst happen. One of the main advantages is that you have the opportunity to set up a level premium which could save you thousands of dollars over the lifetime of the policy.

The other type of structure is a stepped premium structure. This structure sees your premium increase each year in line with your age, and the increases tend to become steeper as you get older. A level premium locks in the premiums at the age you are when you take on the policy and is more beneficial over the long term. A level premium does not mean that your premium will never change as the premiums will gradually increase with natural CPI increases.

Regardless of whether you are on a stepped or a level premium, the insurer reserves the right to review premium rates at each renewal period.

When you set up cover, you need to be medically assessed by the insurer and, once accepted, your cover is guaranteed to be renewed regardless of changes in your health or occupation. The longer you wait, the more risk you take of being ill or injured which inevitably impacts your ability to obtain cover in the future.

Why would I use DPM for insurance?

The DPM Insurance consultants look after the insurance needs of over 5,000 medical professionals and have been doing so for over 50 years. We have a unique insight into the medical industry and we understand the importance insurance plays in your career.

What do I need to do?

The process takes 20-30 minutes and involves the following:

  • Discuss your needs with your insurance consultant your consultant will assess and make recommendations on which policy is the most appropriate to suit your needs and provide you with documents detailing our advice.
  • Complete an application form you will need to provide information to the insurer about your medical history and sign a premium illustration.
  • Sign the documentation for compliance purposes the application will be sent to the insurer for review/approval.

Note that in some cases, the insurer may ask for further information depending on what information is disclosed in your application

Are there any other insurances I should be considering?

No personal and financial situation is the same so there may be other insurances that are appropriate for you. Other insurances that you may wish to consider are Life, Total & Permanent Disability (TPD) and Crisis Insurance, these can be discussed in further detail with your DPM insurance consultant.

Click here to book an appointment with a DPM insurance consultant.

Disclaimer: * The information contained in this site is general and is not intended to serve as advice as your personal circumstances have not been considered. DPM Financial Services Group recommends you obtain personal advice concerning specific matters before making a decision.

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