Protecting the professionals who care for our health and wellbeing

06 January 2023 | Avant media

The most valuable thing you will ever own

Medicine is a passion for thousands of committed Australian professionals. Caring for our physical and mental wellbeing is a noble and increasingly highly technical pursuit. But the stress of wearing many hats – clinician, business owner, technical and IT guru, and not to mention counsellor to worried patients – can take its toll on Australian doctors.

The last thing you need as a practising doctor is more stress in your life when it comes to making important decisions regarding the protection of your most valuable asset – yourself and your family.

Your million-dollar future

Most medical professionals will acquire significant financial assets over their working life. A family home, superannuation savings, a share portfolio, a prestige car, perhaps an investment property or two.

And yet the biggest financial asset you’ll ever own is the one you see in the mirror every morning: you, and your ability to earn an income.

For many medical professionals, the future value of their lifetime earning potential could be several million dollars or more. Everything you plan to build – your assets, your debts, your lifestyle, your family’s security – hangs on the expectation of a substantial regular income.

But what would happen if that income abruptly disappeared for many months – or even permanently?

What if you could never work in your profession again – or even work at all?


The statistics bear this out:

60,000 Australians

Nearly 60,000 Australians were hospitalised in 2016-17 after sporting or cycling accidents, 10 per cent of them with life-threatening injuries.

$1.24 billion

Mental ill-health is an escalating problem for people of all ages – in 2019, life insurers paid $1.24 billion to over 9,500 Australians for mental health claims, with depression and anxiety disorders being the most common.

Australians aged 25-44

Road accidents, heart disease and breast cancer are among the top five causes of death in Australians aged 25-44.

Think you don't need insurance?

Imagine you suffered a major injury or were diagnosed with a serious illness and had to take time off work – perhaps many months – to recover.

What would losing your income mean for you financially?

  • Could you afford the sometimes-huge cost of medical treatment?
  • Could you keep paying your home loan or other debts?
  • How long would your savings last?
  • Would you be forced to go to your parents for help?
  • Would your partner have to support you financially – assuming they even could?
  • If you’re a partner or principal in a professional practice, could you keep paying your business expenses?

This is where insurance comes in:

  • You’ll have peace of mind knowing you have a back-up plan if something goes wrong.
  • You can replace your income – either temporarily or permanently if you can’t return to work.
  • You can cover your mortgage payments and other debts.
  • If you run your own practice, insurance can pay your fixed business expenses and hire a locum to service your clients while you’re out of action.
  • If you have a partner or family, you’ll have peace of mind knowing that they won’t suffer financial hardship if something were to happen to you.

How the types of life insurance work

1. If you suffer a serious illness or injury:

Income Protection

This pays an ongoing monthly amount to help replace your income, so you can focus on recovering without stressing about meeting your regular living expenses. It’s also known as Salary Continuance Insurance.

Business Expenses

This pays partners, directors or other business owners an ongoing monthly amount to cover fixed business expenses such as rent, equipment hire, staff wages and other overheads. You can also use it to hire a locum to keep things running while you’re recuperating.

Trauma Cover

Also known as Crisis or Critical Illness Cover, this pays a one-off lump sum if you suffer a serious medical condition such as cancer or heart attack. It’s paid as soon as the condition is diagnosed, and you can spend the money on whatever you like – to help with medical expenses, pay down debt, or take the holiday of a lifetime once you’ve recovered.

2. If you die or suffer an illness or injury that leaves you totally and permanently disabled:

Total and Permanent Disability (TPD)

TPD cover provides a lump sum payment if you become totally and permanently disabled and can’t return to work. These benefits are often used to eliminate debt and fund long-term medical expenses and the costs of ongoing care. The majority of TPD payouts are for mental health conditions, musculoskeletal issues and accidents.

Life Cover

Confusingly also referred to as Death Cover, this pays a lump sum to your estate if you die or become terminally ill. It can therefore ensure that your partner or other dependents can clear all debts – such as a home loan – and have financial security for life.

Putting a plan in place

None of us would dream of not insuring our house or car. And yet so many people don’t apply the same logic to protecting themselves.

Recovering from a serious illness or injury can be challenging enough without throwing financial stress into the mix.

By taking out a comprehensive life insurance plan you’re effectively investing in an asset that can grow and adapt to protect all the critical components of your life and career as they evolve.

However, for most busy medical professionals, researching and organising life insurance cover can seem like a time-consuming headache. But this is where an Avant Life Insurance Adviser comes in.

Here to help

As experienced, life insurance advisers, working exclusively with doctors, not only do we know the product features and options in the market, but we have an intimate knowledge of doctors and the risks they face. We can provide tailored advice on the right types of covers and level of insurance for you, your family and your business. To ensure you are not paying for what you don’t need but are covered for all that you do need.

Find out more.

Claims management

In the event you need to claim on your insurance, we can manage your claim with the insurer and remove the hassle at a time when you need to focus on you.

To learn how Avant can help you with your life insurance needs, visit www.avant.org.au/lifeinsurance, call us on 1800 128 268 or email avantlife@avant.org.au

  • 1. Sports injuries make their mark on Aussies: media release, Australian Institute of Health and Welfare, 26 February 2020.
  • 2. Productivity Commission recommends increased life insurance funding for mental health, Financial Services Council media release, 17 November 2020 3 Australia’s health 2020, Australian Institute of Health and Welfare, 23 July 2020.
  • 3. Australia’s health 2020, Australian Institute of Health and Welfare, 23 July 2020.
  • 4. Mental health claims top life insurers’ TPD payouts: media release, Financial Services Council, 4 October 2019.

IMPORTANT: Avant Financial Services is the registered business names of Doctors Financial Services Pty Ltd ABN 56 610 510 328, AFSL 487758 (DFS). Avant Life Insurance Advisers are Authorised Representatives of DFS. The material contained in this publication is of general nature only. It is not, nor is intended to be legal, accounting, tax or financial advice. DFS and its related entities have not considered your individual objectives, financial situation and needs in providing this information. If you wish to take any action based on the content of this publication, we recommend that you seek appropriate professional advice. While we endeavour to ensure that this information is as current as possible at the time of publication, we take no responsibility for matters arising from changed circumstances, information or material. DFS and its related entities will not be liable for any loss or damage, however caused (including through negligence), that may be directly or indirectly suffered by you or anyone else in connection with the use of information provided.

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