The insurance needs for medical professionals is more complicated than other occupations and requires careful advice regarding your needs.
Part of this financial advice will involve an accurate ‘needs analysis’. A needs analysis is conducted prior to taking out personal insurance. It considers your current assets and income, projected future income, liabilities, existing insurance portfolio, and the needs of your family.
This information is utilised to calculate the amount of insurance necessary to cover your family. The amount of insurance for a single, newly graduated allied health professional will differ greatly from a neurosurgeon at the height of their career with children in private school.
‘Any’ vs ‘Own’ Occupation TPD Cover
When receiving financial advice, you must also consider the type of TPD (Total and Permanent Disability) coverage you require – either ‘Any’ or ‘Own’ Occupation cover.
There is a crucial difference between ‘Any’ and ‘Own’ Occupation coverage. If you have ‘Own Occupation’ cover and are no longer able to work in the same occupation from before your disability but are still able to work in a different field, you may still be eligible for the payment. For ‘Any Occupation’ cover, you must prove that your disability leaves you unable to work in any type of occupation.
‘Own Occupation’ cover is preferred as it provides the greatest likelihood of having your claim approved, as the terms of the cover are more specific. ‘Own Occupation’ cover does however, come with a slightly increased cost, but the benefit of an increased likelihood of payment makes it a more valuable option for Medical Professionals.
In comparison to other careers, medical professionals are also exposed to unique risks in their line of work. One of these is the risk of ‘needlestick injury’, which occurs when a used needle accidentally punctures the skin and potentially infects you.
Needlestick benefits are available as part of personal insurance to protect doctors, nurses, surgeons and paramedics from potential needlestick injuries. Potentially acquired illnesses from needlestick injuries include: HIV, AIDS, Hepatitis B, Hepatitis C, and other blood-borne diseases.
Medical professionals are encouraged to have needlestick coverage as there is chance they could lose some or all of their income – voluntarily or otherwise. As you will be required to disclose your injuries, patients may seek to have procedures conducted by other professionals or an employer may enact a forced suspension. Needlestick cover is generally a lump-sum, while some companies may allow a monthly benefit option.
Comprehensive analytics and research
Endorphin Wealth Management invests a great deal of time and effort researching the best personal insurance options for our clients. We have developed a number of systems to manage and track the marketplace.
The insurance landscape always evolves and it is more important than ever to consider your situation carefully. We want our clients to get on with enjoying their life rather than worrying about money.