How Sydney Doctors Gamble With Their Lives: 6 Things A Medical Professional’s Life Insurance Must Cover

Day and night, you’re taking care of someone else. For Sydney’s medical professionals, self-care isn’t often a priority, even though you know how important getting to the gym can be. And when it comes to finances, when you are working a pressured 70 hour week, there is simply no time to attend to this.

Let’s be honest. You don’t have time to sit still; you’re sleep deprived; it’s next to impossible to find a few hours to review your finances, and you definitely don’t have the time to sort through insurance information.

We’re going to make this quick and painless, like your yearly check-up. You need to know how healthy your Life insurance policy is. After all, prevention is the best medicine.

Sydney needs you safe, and so does your family. In 5 minutes, you’ll know how close to being properly covered you really are. According to Jon Pillemer (Founder and Senior adviser at Fairbridge Financial Services), here are 6 vital components to Life insurance for medical professionals. It’s time to see how your cover compares.

Income Protection

It is important for an insurance portfolio for medical professionals in Sydney to include Income Protection cover. If your pocket didn’t already recognise it, you live in the most expensive city in Australia. What happens to your bills, your family, and your house if you get sick or are injured, and unable to work as a result? Make sure you’ve got enough Income Protection insurance to keep your finances and lifestyle in order.

Needle-Stick Coverage

You’re not invincible. Medical professionals and Doctors deal with everything from blood spatter to pathogen exposure. One of the most terrifying risks you face on a daily basis is one you definitely need cover for – needle sticks. If a needle that’s been used on a patient with HIV/AIDS, Hepatitis, or any number of other blood-borne illnesses somehow pricks you, what happens to your career? How will you pay for medical expenses, or even daily expenses? This benefit pays you a lump sum to help cover these costs.

Business Expenses

Running your own medical practice can be expensive, time-consuming and result in a lot of fixed costs. If you’re injured or sick, chances are good that your Income Protection insurance will provide you with 75% of your usual income, but what about your business costs? Smart planning means keeping your practice’s busisness expenses like rent, staff pay, professional fees, indemnity insurance, advertising and magazine subscriptions in mind too. Even if you have a partner (or partners) in your practice, if you are unable to work, the practice could suffer financially unless you’re prepared.


As a doctor you have seen the worst of severe medical conditions and may not have thought about how you would cope financially if this happened to you.

Trauma cover pays a lump sum to cover unexpected major illnesses such as cancer, heart attack or stroke. You choose how to use the funds, and even if you are able to return to work, you might still be eligible to receive them.

Total and Permanent Disability (TPD)

Imagine you wake up tomorrow, you drive to work, and on the way you have a major accident. You’re in the hospital for months and when you finally recover, you can’t work. You’re permanently disabled. While you’re at it, read over the Occupational definitions of disability and other terms that each insurance plan you evaluate offers – they aren’t all the same, and the impact on your cover could be significant.

After years of training and an education you’re still paying for, you’re left without a way to earn a living. But if you took out a TPD policy, you’ve at least got a financial cushion to fall back on to help you restructure your life and make any necessary lifestyle adjustments.

Mortgage, Debts and Ongoing Living Expenses

When you’re young, it’s easy to take on new debt. Your life is changing, you’re moving up in the world and you’ve got a lifetime of work ahead of you in a job that pays enough to convince you the debt is payable. No one expects to die. No one wants to think about it as a possibility.

You still need to prepare. If you don’t wake up tomorrow, your family will have enough to worry about. Don’t add mortgages and debts to the list. You need to make sure your life insurance policy covers any debts or mortgages you may have, and provides your family with the means to support themselves and put food on the table in the future.

It is important to take into account your families personal circumstances and financial needs to ensure the Life cover you have in place makes special provision for this.

So how did you do? Is your Life Insurance policy as healthy as you hope your patients are after you treat them?

You wouldn’t take out your own organ, would you? If your Life insurance isn’t as healthy as it could be, Fairbridge have many years’ experience advising medical professional on their insurance needs.

As life insurance specialists, we’re aware of how complex your finances can be. We’ll work together with your accountant, estate planner, and solicitors to make sure your policy meets your financial requirements.

We are also accredited advisers for the PPS Mutual insurance products which have been tailored for, and are exclusively available to, qualified professionals such as accountants, engineers, doctors and lawyers in Australia.

You know your patients need preventative care and we can promise you, the same holds true for Life insurance. It’s much more difficult to restructure a plan after you’ve made a claim. Now that you know what shape your life insurance policy is in, we can work together to make it better.

Contact a Fairbridge adviser today.

Request A Callback

If you would like to chat with one of our specialist risk advisers for a review of your insurances, request a call back and we will contact you within 24 hours.

Call (02) 8066 1000 or fill out the form below:

This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. You should read the Product Disclosure Statement (PDS) before making a decision about a product.

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Request A Callback

If you would like to chat with one of our specialist risk advisers for a review of your insurances, request a call back and we will contact you within 24 hours.

Call (02) 8066 1000 or fill out the form below:

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