For many Australian Doctors, their future income is one of their larger financial assets. This is why Life Insurance, including Income Protection Insurance and other coverage types, are an important consideration for Doctors, whether they work in the Private Or Public Sector. Many Doctors are self-employed, and even those who are employed do not have access to large employer arranged insurance benefits (if any). Whilst public offer superannuation funds, if applicable, may give a Doctor a small amount of life insurance cover, it is often not adequate to meet their specific personal needs.
Insurance cover arranged by Experien Insurance Services – as a broker for Doctors – from Life Insurers include, Life Cover, Total and Permanent (TPD) Cover, Trauma Cover, Income Protection Cover and Business Expenses Disability Cover.
We manage the cover for a large number of Doctors across Australia and have extensive experience in all aspects of the cover, and most importantly, with claims management. Few brokers have helped Doctors to get hundreds of life insurance and disability insurance claims paid, like we have. We use our experience and relationships with the insurers to assist Doctors when they claim under their cover.
Many doctors will be interested to see information of past claims we have arranged for Doctors to date. An extensive list is show by clicking the link below, with certain details, from the many claims we have helped to arrange. This may give the reader an insight into the types and amounts of claims from their colleagues.
Life Insurance And Disability Insurance Claims For Doctors 2024
- Income protection insurance claims, when measured by the number of claims, make up the most claims, with over 60% of claims. An Income Protection Insurance claim can be large if the illness or injury lasts for many years. However, with a number of Income Protection claims being paid for less than 1 year, the average claim size of the Income Protection claims we have arranged amounts to about $80,000, which is lower than the average size of other claim types. Many claims are paid for broken bones and thankfully this may not lead to an extensive time off work. Income Protection makes up about 33% of claims by value for the claims we have assisted.
- Claims under Death cover, including for Terminal Illness, make up the largest average claims size for those we have assisted, being approximately $800,000 on average. Many of the claims have been for amounts of over $1m. Whilst Death claims make up only 6% of our claims by number, they make up just under 30% by value.
- Trauma insurance (also known as critical illness insurance) make up about 31% of our claims by value, with the average claim size being just over $300,000.
- An important type of claim, for Doctors who own their practice, is for a product known as Business Expenses Disability Cover, that pays ongoing fixed business expenses in the event of an ongoing illness or injury. The average claims size for this cover is approximately $65,000.
When considering insurance, always read the Product Disclosure Statement before taking out cover with an insurer. The information in this note may not be applicable to you as it doesn’t take into account your own specific needs, goals or circumstances.
Want to find out more ? Feel free to contact Experien Insurance Services via the link below to get a complimentary review with no obligations.
Nov 2024
At the time of writing, Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are not insurers and are Corporate Authorised Representatives (No. 320626 and No. 1274354) Count Financial Limited ABN 19 001 974 625, AFSL 227232.
