Life Insurance forms part of the financial plans of many Doctors in Australia. And life insurance doesn’t just refer to the category of death cover. It also includes “living” insurance cover categories like income protection insurance, Total and Permanent Disability insurance (also known as TPD insurance), and trauma insurance (also known as critical illness insurance).
How would a Doctor know how what types of cover they need and how much cover they need of each type ? Where would you start and what considerations are important ?
One of the most important decisions to make is whether you want to get Personal Financial Advice on your life insurance based on your own specific needs, goals and circumstances ? Or do, you want to do it yourself ? And another option is to get what is referred to as General Advice which can give you information, but not information based on your own specific needs, goals and circumstances.
If you want to access Personal Financial Advice, then there are several options available. A common option is to use an Insurance Adviser that works as a Broker. A Broker is an adviser that works with many insurers and considers which is best for their client and act in the best interests of the client. You can get Personal Financial Advice from Advisers that do not work with multiple insurers but this limits the options available for you.
Interestingly, when it comes to life insurance, using a Life Insurance Broker often results in the best price for a given quality level and amount of cover compared to other options. One of the reasons for this is that a Life Insurance Broker helps their clients to provide a deep amount of information on their health and financial situation to the insurer and this may allow the insurer to get more comfort on the risk they are taking and the price for the insurance. And considering multiple insurers also helps to find the most competitive solution.
If you decide to use an Insurance Adviser, like Experien Insurance Services, then we can guide you through all the detailed considerations such as (but not limited to) :
- Which insurer would be best for you ?
- What are your current and expected future financial obligations and how could insurance help you to manage those ?
- What types of cover and how much cover is suitable for you ?
- How to structure the cover for tax benefits, affordability and other goals
- Who should your beneficiaries be ?
- What is your financial and health status and how does that affect the amount of cover you should or could apply for ?
- Should you amend or replace any existing cover you may have ?
A Financial adviser (broker) can regularly review your cover on an ongoing basis – usually at no extra charge or fees above the premium paid to the insurer and can assist with the most important aspect – being any claim that arises. Again, this is often done with no additional fee or cost
To find out more about the services of Experien Insurance Services and to arrange a complimentary initial consultation at no additional cost, contact us via the link below :
The information provided contains general information and examples and does not take into account your personal objectives, financial situation or needs. Always read the Product DIsclosure Statement issued by the Insurer before considering Insurance from that provider. Note that the policy wording will differ from insurer to insure and loadings, exclusions and other limitations may apply by the insurer to each applicant on a case by case basis.
Written in January 2025.
