Question 1

I already have insurance through my super — isn't that enough?

Accepted Answer

More than 60% of medical and dental professionals are partly or entirely relying on default super insurance. The problem is that default group cover uses 'any occupation' definitions — meaning if you can work in any job, not just your specialty, your claim can be denied. It is also not medically underwritten at issue, which means the insurer can investigate and decline your claim at the exact moment you need it most. The average protection shortfall identified in reviews is $800,000–$1,500,000 against actual income and liability needs.

Question 2

My cover was sorted a few years ago — do I really need to revisit it?

Accepted Answer

Cover set up once and never revisited drifts silently out of alignment as income grows, practice obligations increase, and family circumstances change. Most medical and dental professionals have never had their cover specifically calculated against their real situation. The gap between what a policy was designed to cover and what it would actually pay is almost always the most surprising finding in a review — and the most actionable.

Question 3

What would actually happen to my finances if I couldn't work for a few months?

Accepted Answer

Most income protection policies have a 90-day waiting period before payments begin. The financial pressure in that window — mortgage repayments, practice overhead, school fees, and daily living costs — is the most common gap identified in reviews. Most high-income professionals don't maintain a 90-day liquid buffer, and most haven't mapped exactly what that waiting period would look like against their real monthly obligations.

Question 4

Is there a smarter way to structure my income protection to save on tax?

Accepted Answer

Income protection held outside super and paid personally is 100% tax deductible. For a professional on the top marginal tax rate, a $12,000 annual premium has a real after-tax cost of approximately $6,360 — effectively a 47% government contribution toward your most important protection. IP held inside super uses pre-tax super money, which feels convenient, but does not give you this personal cashflow benefit and reduces the balance available for retirement. This structural decision has a compounding dollar impact every year it remains unreviewed.

Question 5

I have a mortgage and practice loans — is my insurance actually covering all of that?

Accepted Answer

Debt is a multiplier on income risk. Many medical and dental professionals carry mortgages, practice loans, equipment finance, and professional indemnity obligations totalling $1.5M–$3M+. The critical question is not whether debt exists — it's whether your income protection would specifically cover those obligations if income stopped, or whether it pays a generic percentage of income that may not map to your actual monthly liabilities. Most professionals have never done this mapping exercise, and the gap it reveals is almost always addressable.

Question 6

I earn well — so why do I need a separate wealth-building strategy?

Accepted Answer

Every year without a passive income strategy is a year your entire financial future depends on your capacity to work. High income is an exceptional starting point — but only when it is being systematically converted into assets that generate independent returns. Whether through property, managed funds, or direct investment, the path from high income to financial independence requires a coordinated strategy — not ad hoc decisions made when time permits. The professionals who build the most financial freedom started structuring this earlier than they expected to need it.

Question 7

I've nominated a beneficiary in my super — isn't that taken care of?

Accepted Answer

Superannuation does not automatically form part of your estate. Without a valid, current binding death benefit nomination, the trustee of your super fund decides who receives your balance — and their decision may not reflect your intentions. Non-binding nominations are one of the most common false security positions seen in reviews. For a professional with $400,000–$1,500,000+ in superannuation, this is a significant unmanaged legacy risk that takes under 20 minutes to correct — and costs nothing to fix.

Question 8

Should I compare price or features first?

Accepted Answer

Features first; a cheaper policy with a narrower definition can cost more at claim time.

Question 9

Can doctors still get agreed value income protection?

Accepted Answer

New policies generally cannot be issued on an agreed value basis. Existing pre-2020 policies may retain their terms, so review before replacing one.

Question 10

Can I hold all types of insurance inside super?

Accepted Answer

No. Trauma cover cannot be held inside super, while life, TPD and income protection generally can.

Question 11

Does TPD inside super use an “own occupation” definition?

Accepted Answer

Generally no. TPD held in super typically follows stricter super-law conditions, so an own-occupation definition is usually only available outside super.

Question 12

Are premiums tax-deductible?

Accepted Answer

Income protection premiums are generally tax-deductible when paid outside super; life, TPD and trauma premiums outside super generally are not.

Question 13

How much of my income can income protection replace?

Accepted Answer

Up to 70%

Question 14

Is medical indemnity the same as personal insurance?

Accepted Answer

No. Medical indemnity relates to professional liability claims, not loss of your income or lump sums for you personally.

Question 15

Do I need to disclose my health history?

Accepted Answer

Yes. You should answer application questions honestly and completely, since errors can affect a claim.

Question 16

Why is there no SOA fee with general advice?

Accepted Answer

An SOA is only required when personal advice is provided to a retail client, so it doesn’t apply to general advice.

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General advice only. We help you understand your options — you make the decision.

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