Take a moment to stop and consider your life insurance and income protection. Do you have any? Do you have enough? Is it time your personal risk protection had a check-up?
As a medical professional, you can clearly see how easy it is to fall ill or get injured. You see first-hand what a huge impact it can have on a family, not only emotionally but financially as well.
How would you get by without an income? Maybe you have a strategy in place, but if you’re like many under-insured people, you probably don't. Even if you have some life insurance or income protection in place, its coverage may not be as adequate as it was when you acquired it. If you have had a pay rise or expanded your family since you took out life insurance or income protection, then you’ll need to reassess your policy to avoid an unwanted surprise at the most inconvenient of times.
Hazardous work
While the medical industry is a rewarding one to be a part of, it is also statistically quite a hazardous industry. As a result of this, you especially need to ensure your insurance is sufficient for your profession.
Types of insurance
- Life insurance: provides a lump sum payout to your nominated beneficiary, upon your death or diagnosis of terminal illness.
- Income protection: pays out a monthly benefit of up to 70% of your pre-tax salary. Waiting periods and benefit periods and completely up to you and there are multiple options available.
- Total and Permanent Disability (TPD) Insurance: Provides a lump sum if you become totally and permanently disabled and unable to work.
Life insurance, Income protection and potentially Total and permanent disability insurance will ensure adequate protection for not only yourself, but more importantly, your family.