Most Professionals Wait Too Long to Do This - Are You One of Them?

If you’re a doctor, lawyer, engineer or accountant, chances are you’ve followed a pretty structured path to get where you are today. Years of study, long hours, and a lot of effort - both personally and financially - have gone into building your career.

The good news? You’re likely on a strong income trajectory. In many professions, earnings grow quickly in the early years. For example, some GPs will more than double their income not long after qualifying.

On paper, it all looks pretty secure.

But here’s the thing most people overlook, timing matters. There’s a very Australian mindset that tends to creep in: she’ll be right.

Early in your career, your focus is usually on building momentum - progressing at work, enjoying your lifestyle, maybe travelling a bit or saving for a property. Insurance often sits in the “I’ll deal with that later” basket.

And to be fair, it’s not exactly an exciting purchase. It feels like something you should have, but not something you want to spend money on right now.

So it gets pushed back… until something changes. Buying a house. Starting a family. Or sometimes, a scare that makes it feel urgent.

The gap most people don’t see

What this creates is a bit of a hidden issue.

Your income is starting to grow, your career is accelerating, but your protection hasn’t caught up yet. In fact, for a lot of professionals, there can be several years where they’re earning well and building financial momentum… without adequate cover in place. And that’s the risky part.

Because your biggest asset at this stage isn’t your super or your investments, it’s your ability to earn an income.

It’s not just about today’s income

Another thing we often see is that insurance gets set once and then forgotten about.

Early on, it might be based on a graduate salary or whatever default cover sits inside super. But fast forward five years, and income may have grown significantly. If cover hasn’t been updated, it can quickly become out of date.

There’s also the structure of the cover itself. Shorter benefit periods or basic policies might seem fine initially, but they may not provide enough protection if something more serious or long-term happens.

Interestingly, younger professionals today are much more financially aware than previous generations. A lot of people already understand that default arrangements aren’t enough.

But knowing something and acting on it are two very different things.

For most people, it still takes a trigger to move from “I should look into that” to actually putting something in place.

So what should you be thinking about?

It doesn’t need to be complicated, but it does need to be timely.

Instead of waiting for a major life event, it’s worth asking yourself:

• If something stopped me from working, how long could I manage?

• Would my current setup actually support me long-term?

• Does my cover reflect where my income is headed - not just where it is today?

  
  

The reality is, delaying the conversation just means the gap gets bigger. Your income grows, your responsibilities increase, and the risk exposure builds quietly in the background.

Starting earlier doesn’t mean overcommitting or locking in something complex—it simply means making sure your most valuable asset is protected as it starts to grow.

Because optimism is great. But when it comes to protecting your future income, having a plan in place is even better.

If you have a loved one or colleague that needs to know this – why not send them this article!

General Advice Warning - This communication has been prepared on a general advice basis only. The information has not been prepared to take into account your specific objectives, needs and financial situation. The information may not be appropriate to your individual needs and you should seek advice from your financial or tax adviser before making any investment decisions.