Insurance for Surgeons

At Life Shield, we understand personal insurance for Surgeons. Working with Medical Professionals is our specialty, so not only do we have experience dealing with complex life situations, we understand the insurance policies available to Surgeons across Australia and how these can apply to your situation.

Income Protection for Surgeons

In our view, the most important place to start regarding personal insurance for Surgeons is Income Protection. You have worked hard to achieve your high earning capacity, so protecting your income in the event that illness or injury stops you from working at full capacity in your specialised occupation is a high priority. Income Protection policies that include cover against blood-borne diseases are a must, however flexible definitions of disability, waiting period qualification and tailoring a policy to your needs will contribute to ensuring that a future claim will be successful. There are many variables regarding Income Protection so we have dedicated a full page to exploring these options - read more about Income Protection for Surgeons.

Life Insurance for Surgeons

Once you have protected your income, financially protecting your family in the event of your death is next. Life Insurance pays a lump sum to your beneficiaries or your Estate in the event of your death. When we speak to Surgeons about life insurance we discuss the repayment of your mortgage, repayment of other debts that you would like to be paid in the event of your death, and then an additional amount that will provide funds to ensure that your family can continue to function from a financial perspective. As a Surgeon, it is often the case that you are the sole breadwinner of your family and therefore, in the event of your death without sufficient life insurance your family can be left to fend for themselves.

Business Expenses Insurance for Surgeons

Business Expenses insurance is similar to Income Protection in that it pays an ongoing income stream in the event of you not being able to work as a Surgeon, however rather than you recieving the beenfit, the business recieves the monthly benefit so that fixed ongoing costs of your practice can be met. The maximum benefit period is 12 to 18 months which provides breathing space for you whilst you recover and get back to generating income for the practice, or an opportunity to maintain your business viability if you are not going to be able to return to work and the sale of the practice is inevitable. The ongoing payment can contribute to the cost of a locum in addition to fixed costs of running the practice such as salaries of non-income producing staff and equipment lease arrangements, electricity, etc.

Total and Permanent Disability Insurance for Surgeons

Total and Permanent Disability Insurance has two different definitions available:

The Own Occupation definition provides additional ability to claim in the event of illness or injury due to the specialisation of your occupation as a Surgeon. For example, if your injury or illness resulted in you not being able to perform surgery however you were still able to consult, an Own Occupation policy would pay a claim however an Any Occupation TPD policy for Surgeons would not.

As a Surgeon with high levels of income and a lifestyle to match, Total and Permanent Disability Insurance is often more important to you than other occupations as the portion of your income that you are able to insure through Income Protection is less the higher your income is. As advisers we often recommend Total and Permanent Disability insurance to work in conjunction with Income Protection to result in a combined lump sum and ongoing payment to replace lost income. If you are only able to insure 50% of your income due to limits on your Income Protection policy, the shortfall will need to be made up by Total and Permanent Disability insurance which would also allow for upfront medical and household costs associated with your illness or injury.

Recently RACS have announced a new offering to Surgeons in the area of Total and Permanent Disability Insurance which we have reviewed both from a cost and quality perspective – read more about this policy at RACS TPD Insurance.

Needlestick Insurance for Surgeons

In the event of occupationally contracting HIV, Hep B or Hep C, you can receive a lump sum payout with this insurance. This is also the case with Own occupation TPD policies, some trauma policies and is included complimentary in some income protection policies. At Life Shield we are aware of the stringent requirements of OHS and Infection Control units regarding Needlestick issues within hospitals and the limit placed on your surgical activities by your Associations. The maximum benefit for Needlestick insurance is $1,000,000 whilst with Total and Permanent Disability and Trauma insurance, maximum benefits are much higher.

Trauma Insurance for Surgeons

Every day in your occupation as a Surgeon you encounter people who have suffered traumatic illnesses such as stroke, heart attack or cancer. This type of insurance pays a lump sum in the event that you suffer one of the long list of conditions to contribute to medical expenses and also allow for time off work to ensure a speedy recovery.

Summary

None of the above insurances by themselves that totally protect you against illness or injury, therefore an insurance package with varying amounts of the insurances above is usually the best way to protect yourself, your family and your practice in the event of illness or injury.

Every Surgeon is different so the most important thing you can do when investigating the right personal insurance package for you is to discuss your situation with an adviser who understands the market specific to Surgeons and can assist you in determining the right amounts of cover and the right policies that are relevant to you.