Most life insurance and income protection policies provided by Australian insurance companies will suit almost all industries and occupations.
However, there are a few occupations where there are important risks involved that may be covered by some policies but not others.
Medical professionals are one of the major examples of this. Unlike almost anyone else, doctors are exposed to some very serious risks that are only covered by the best doctor insurance policies.
Some of these risks include blood and bone inhalation, splash back and needle-stick injuries. It would be easy to think that any insurance company offering cover to doctors would cover these important risks, but sadly this is not the case.
Besides these issues, there are also differences in the way that different insurance companies and policies treat claims for doctors.
For example, let's look at Dr Luke Webber, a cardiologist based in Brisbane. Dr Webber lost the use of the left hand after a cycling accident. For most people it would not have been a major incident, but for someone who relies on his hands to make a living, it was a devastating blow.
Dr Webber was fully insured with income protection and TPD insurance, but whether or not he could claim would depend on his insurance.
With company A, Dr Webber was able to make a full claim on both his TPD policy and his income protection policy as he was deemed unable to work in his particular specialty anymore.
With company B however, Dr Webber was told that he could still work as a GP or a lecturer with his injured hand. On that basis, both his income protection and TPD claims would have been declined.
As can be seen in this example, the difference between two insurance companies can have a life changing effect on a doctors ability to claim on their insurance.
As an individual you can take matters into your own hands and do the research to find out which cover will suit not only you the doctor, but also you the specialist and the risks that are particular to your speciality.
You could do this, but of course the time involved in researching a dozen different insurance companies, all with multiple policies, is considerable. And while you'd be thorough with your research, you couldn't be sure to know about every little detail with every insurance policy available.
The best course of action is to seek professional advice from a licensed financial adviser. But don't just rely on any adviser to know the ins and outs of insurance for doctors, instead you should seek the services of a financial adviser who specialises in life insurance for doctors.
Financial advisers who specialise in doctors insurance aren't common, but they are out there, and they are definitely worth finding.