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Income Protection without surprises?

Posted by medicalfinancial on 19 February 2014

Replacing Income in the event of sickness or accident is the foundation of any sensible disaster plan but many doctors rely on limited cover provided by their superannuation fund or a policy promoted through groups like the AMA.

Whilst cover within super or endorsements from professional groups are well meaning, it's important to take advice, understand what cover you have and not assume the product is appropriate to your circumstances. 

Whilst similar to many policies within super, a recent comparison of the "ProSecure" Income Protection cover promoted on the AMA website highlighted a number of issues that should be clearly understood. These include, but are not limited to the following -

  • Benefit period is limited to 2 years.
    • What happens if you are unable to work for longer, prehaps never again?
  • The policy is not underwritten.
    • Pre existing conditions are not covered for the first 5 years so claims can be uncertain.
  • Premiums are stepped only
    • and will get very expensive as you get older, exactly when you need the cover
  • Benefits for Mental Illness claims are limited to 12 months over the life of the policy
    • Given the high incidence of claims in this area do you really want this limitation?

At Medical Financial we are committed to outcomes based advice without surprises.

If this sounds like the kind of advice relationship you are looking for, or you would simply like your current arrangements explained click or call to contact us. We will be happy to help.

Author: medicalfinancial

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