Medical Professionals Insurance
Most professionals have always known the important of life insurance, but over the last few years this type of insurance has been advertised all over daytime television, and is now even making its way into prime time.
These newcomers to the life insurance industry, some of which are foreign insurers, like to tell us about their ‘cheap’ life insurance which requires no medical tests or blood tests, and apparently easy over-the-phone application process.
For the average Australian worker, this type of life insurance may well be appropriate, but for professionals such as those in the medical industry, taking the ‘easy’ path to life insurance can be very dangerous.
For starters, you will be dealing with a company employee over the phone. Because they are employees of the insurance company, they are not obligated to act in your best interests in the same way that a licensed financial adviser must.
Even if the call centre operater knew that a more suitable life insurance policy was available for doctors and medical professionals, they would not have to tell you. A licensed financial adviser on the other hand would be legally required to research the market to find the most appropriate policy to suit your unique individual circumstances.
Many occupations have their own special risks, but for medical professionals and doctors there are some very serious risks that must be addressed by your life insurance, including your associated covers such as income protection, TPD insurance and trauma insurance.
Generally speaking, these over-the-phone policies will not cover the major risks that doctors face, such as blood and bone dust inhalation, occupationally acquired HIV, splash back and needle-stick injury. If you were to ask the call centre operater, it will be unlikely they have even heard of any of these risks, let alone understand their importance.
Without having these important risks covered by your life insurance, you might as well not even have insurance. Of course some life insurance and income protection is better than nothing, but it will certainly be devalued by not having the risks covered that relate to doctors and medical professionals.
The key for doctors in obtaining the right life insurance is to use a financial adviser who knows your work and understands the risks you face in your particular speciality.
Not only that, but they must have a very good understanding of the insurance products available in the industry, and therefore be able to recommend the right policy that is going to provide you with the best cover for your needs as well as matching your budget.
It’s certainly not a bad thing that life insurance is getting a lot more publicity in the mainstream media, and that more Austrlians are being made aware of the important of life insurance, but it is vital that professionals such as doctors use the services of an adviser who knows the industry.
For more information on life insurance and income protection for doctors, please follow the links on our website where we have provided information specific to your needs. When you are ready to have an obligation free chat about your insurance, please give us a call or complete our online quote request.
What is it?
When does it pay?
When you die, or are diagnosed with a terminal illness.
What does it pay?
A lump sum amount, determined upfront by you and your adviser.
Who should have it?
Doctors with debts to clear and/or a family to support.
How much is it?