Engineers play an important role in Australia and the need to protect their income against illness, injury and death is just as important as with other professionals.
There are many different types of engineers, like chemical, civil, electrical, mechanical, structural. biomedical, aerospace engineering, environmental, agricultural, software engineering and more. Just like there are many types of engineer, there are also many different types of disability insurance products as well as financial planners who may specialise in different areas. One financial planning area that many financial advisers specialise in at Experien Insurance Services is life insurance.
A life insurance adviser at Experien Insurance Services can help obtain life, income protection, trauma and/or TPD insurance to protect the professionals who innovate, design and build for Australians. You can get personal financial advice to obtain the right amount and type of life insurance products so that you and your family can remain financially secure if you become unable to work.
Why would an engineer need life insurance?
A life insurance policy covers you and your family financially against unexpected health related events. Depending on the type of cover, if you become ill, injured, or die, your family will receive a degree of financial protection in the absence of your regular income.
What can life Insurance types could engineers consider ?
Income protection : entitles you to monthly payments in place of lost income if you suffer an injury or illness and are unable to work as a result.
Total & Permanent Disability Insurance : Insurance pays a lump sum out if an accident or chronic medical condition permanently prevents you from working.
Life Cover : pays your estate or nominated beneficiaries a lump sum if you die or become terminally ill.
Trauma cover : provides a lump sum for serious illnesses (as listed and defined specifically in the PDS document issued by the life insurer)
Business disability expenses insurance is also a consideration if you run your own engineering firm.
How much life insurance should an engineer have?
An Experien Insurance adviser can guide you on the appropriate level of cover for you.
What factors could affect the premiums for an engineer ?
If you are an engineer that works in higher risk situations, for example you undertake regular long-distance travel, are involved in machinery operation, and irregular working hours, then an insurer may consider a higher premium or other conditions. In addition to any occupation specific considerations, there are other factors that may result in lower or higher premiums such as if you are in good health, your age, if you don’t smoke and many other factors.
We can offer you personal advice that is based on your own needs, goals and circumstances. Contact us for a no obligation review at any time.
This is general information. Always read the Product Disclosure Statement issued by an insurer before considering buying insurance. Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. See our website for our Financial Services Guide.
