Doctors
are exposed to all sorts of dangers in the practice of their profession. With
the possibility of contracting a serious illness or suffering a debilitating injury
while on the job, doctors are often faced with the danger that something might
happen that may cost them the ability to perform their jobs properly—putting
their incomes at risk as well.
Income
protection for doctors will allow them to receive a regular income in the event
that they become incapacitated. With this type of insurance, a doctor should be
able to maintain his quality of life in spite of his inability to continue his
practice. It also provides protection to the physician’s family who has become
dependent on his income.
Income
protection might often be compared to critical illness insurance, however,
there are differences. Unlike critical illness insurance, income protection
does not provide the insured with a lump sum payment. This feature means that
the insured will continue to receive protection throughout the duration of the
insured’s incapacitation, or until the insured no longer suffers a loss of
income, the policy ends, or the insured dies.
Unlike
critical illness insurance, income protection is only designed to cover the
insured until he reaches a given age. Typical options are 50, 55, 60, and 65,
but some insurers are able to provide options that will protect the insured
until he turns 70.