Income protection: Own vs any occupation, it’s the fine print that matters

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Tuesday, 18 Aug 2026

Your ability to work is your most valuable asset. You’ve invested years in specialist training and study. That makes your income high, but also uniquely at risk. Income protection insurance is one of the most important financial decisions you can make and not all policies are the same.

What exactly is income protection cover?

Income protection is sometimes called salary continuance cover. It replaces part of your income if illness or injury stops you from working. It does not cover redundancy, resignation, or termination.

Most policies replace up to 70% of your usual income. Two terms decide how your cover works: the waiting period and the benefit period.

Waiting period

This is how long you wait after making a claim before payments start. If you are also receiving workers’ compensation, this period may be extended. Common waiting periods are: 

• 30 days
• 60 days
• 90 days or longer.

Benefit period

This is how long payments continue while you cannot work.  Common options are:

• two years 
• five years 
• to age 65. 

Longer benefit periods often mean lower income replacement rates. This can drop from 70% to 60% or less. Definitions of eligible disability vary between providers and tend to get stricter over time. You can hold your cover personally, inside superannuation, or through a business structure. 

Own occupation vs any occupation 

One of the most important differences between income protection policies is how they define your ability to work.

With an “any occupation” policy, you're generally only eligible for a benefit if you're unable to work in any role, that you're reasonably suited to based on your education, training and experience.

For doctors, that distinction can matter. A surgeon who develops a hand tremor, or a dentist with a serious back injury, may no longer be able to practise clinically. Depending on the policy, they could still be considered capable of working in a non-clinical or administrative role.

An “own occupation” policy takes a different approach. It focuses on the specific work you do. If illness or injury prevents you from performing the duties of your own profession or specialty, you may be eligible to claim, even if you could work in another capacity.

For healthcare professionals who have invested years building specialist skills and qualifications, understanding this difference is critical when comparing policies.

Cover held through superannuation

Many income protection policies held through superannuation use an “any occupation” definition. Some may also offer shorter benefit periods than policies held outside super.

While income protection premiums are generally tax deductible, whether cover is held personally or through super, the overall financial outcome can vary depending on your circumstances. It's worth understanding the trade-offs before deciding how to structure your cover..

Why getting advice can help

Income protection involves more than choosing a benefit amount.

Waiting periods, benefit periods, policy definitions and ownership structures can all affect how cover works when you need it most. Small differences between policies can have a significant impact at claim time. 

A financial adviser who understands doctors can help you:

• choose a policy with a robust own occupation definition for your speciality 
• structure your cover to suit how you work, whether as a sole trader, in a partnership, or through a corporate or salaried role
• set the right benefit level and waiting period for your circumstances
• review your cover as your career and income change.

Life as a doctor is busy and it’s easy to put these decisions off. Getting this right early though, and keeping it current, is one of the most valuable things you can do for your financial future.

How Avant can help

At Avant, we have assessed leading life insurance providers and put together a shortlist of policies we believe suit doctors best. There are two ways you can access cover: 

• The Avant Life Insurance Selection Tool gives you a curated shortlist of leading life insurance providers, with a simple phone application when you are ready.
• Complimentary personal advice from a qualified financial adviser, available by phone or video, gives you access to a wider range of policies tailored to your situation.*

Talk to us today. Call 1800 128 268 or visit avant.org.au/lifeinsurance.