Medicine is often described as a calling, and for many clinicians, that rings true. According to the latest 2025 State of Health & Wellbeing in the Medical Profession research, more than eight in ten medical professionals say they are satisfied in their roles. Many describe their work as intellectually rewarding and deeply meaningful.
However, fulfilment and strain clearly coexist.
The same research shows that while mental and physical health are tracking reasonably well overall, financial security consistently lags, particularly for mid-career professionals juggling mortgages, families, practice responsibilities, and rising costs. Exhaustion is the most reported challenge across the profession, alongside paperwork, compliance, and staff retention. In other words, many medicos are coping, but with very little margin for error.
This matters, not just for individual clinicians, but for the entire health system. As the report notes, when a medical professional is forced to step back due to illness or burnout, the ripple effects extend to patients, teams, and capacity across the system.
Confidence in cover doesn’t always mean clarity
One of the more revealing insights from the research sits at the intersection of wellbeing and financial planning.
Around eighty-five per cent of medical professionals say they feel confident they have insurance in place. Yet only around one-third feel they truly understand the financial impact of a major health event or how their cover would respond in real terms.
This gap between confidence and clarity is especially pronounced among mid-career clinicians. These are often the very people carrying the greatest load: running practices, employing staff, managing debt, and supporting families. Having policies in place is important, but without regular review and clear understanding, that sense of security can be more fragile than it appears.
Why medical professionals benefit from specialist advice
Medical careers are rarely straightforward. Income can fluctuate and work arrangements frequently change and evolve. Many clinicians are self-employed or practice owners, meaning an illness or injury affects not just personal income, but business viability, staff livelihoods, and patient continuity.
This complexity is why generic, set-and-forget advice often falls short.
At IAS, advice for medical professionals starts with understanding the full context of your working life. That includes how you earn, how your career may change over time, what you are responsible for beyond yourself, and what stepping away from work would really mean in practical and financial terms.
Rather than focusing purely on products, the emphasis is on scenario-based planning, grounded in real-world questions. What happens if you cannot work for six months? What costs continue if you own or part-own a practice? How does mental health leave differ from physical injury in policy terms? How often should cover be reviewed as income and responsibilities grow?
These are not abstract questions. They are the real-world details that determine whether insurance supports recovery, rather than adding stress at the worst possible moment.
Access to specialist cover you can’t obtain on your own
Through Insurance Advisory Service (IAS), eligible medical professionals can access insurance that isn’t available through standard retail channels or direct-to-consumer providers. These policies are tailored specifically to the needs of professionals such as GPs, pharmacists, psychologists, vets, Chinese medicine practitioners and chiropractors.
Exclusively available via selected financial advisers like IAS, they’re designed for professionals with complex income structures, high earning potential, and significant responsibility.
Some of these products also operate on a mutual basis and include a profit-share benefit — meaning that, over time, members may share in any surplus generated by the insurer. While not guaranteed, this structure is designed to return value to members rather than shareholders, adding a potential long-term benefit beyond the protection itself.
Supporting sustainability, not just protection
Supporting medical professionals adequately requires advice that evolves with career stages, improves financial literacy, and builds genuine clarity around how protection works in practice. It also means having an adviser who understands that wellbeing is not only physical or mental, but financial too.
For clinicians who spend their working lives caring for others, having advice that truly understands the realities of medical practice can make all the difference.
Medical careers don’t fit a template, and neither should your financial advice.
Are you a medical professional?
We can provide financial advice and insurance specifically tailored to your needs.
Call us on (02) 8268 2900 for an obligation-free chat.
