Life Shield - Your Life, Your Protection, Personal Insurance

Income Protection for Female Professionals and their Family

As females we are always juggling and it’s still surprising that it’s difficult to find a policy that suits the working life of a female and her family as well as the requirements of a professional.

Let’s see what to look for in an income protection policy?

For Females and their Family

Changing Family Benefit Options

Changing your income benefit is available to you at Life Shield. This particular policy option allows a female and/or her spouse to dial down the income protection cover to suit their needs whilst they have a family as well as dialling down the price. Before or up until your youngest child is 6, you can dial the cover back to the amount you need to cover your income once you have started working again without the need for medical evaluation. This assists incredibly with cash flow during one income situations and allows the flexibility to change your cover with your income, without the fear of losing cover even if you have had pregnancy and post pregnancy complications.

How does this work?

Sophie is a GP and has a good client base and earns approximately $180,000pa. She has income protection for $135,000pa (industry maximum is 75% of your salary). She wishes to start a family and has decided to have maternity leave for a period of time. As Sophie is not working or only rarely, she reduces her benefit on her policy down to $33,750 which is 25% of the benefit and costs her only 25% of the premium to maintain. Sophie had diabetes during her pregnancies and high blood pressure and has gained weight that has made her a greater health risk to the insurer than when she took her income protection policy out. After a year or two, Sophie then decides to work 3 days per week earning $120,000pa. Sophie dials up her policy to $90,000pa which is in line with her income and pays the premium accordingly. As there are no new medical requirements, this is allowed by the insurer even though she is in a higher risk category from the impact of diabetes, blood pressure or her BMI issue. Her insurance premium reflects her pre-pregnancy health.

Breast Cancer and Female Cancers

The definitions in insurance policies range and can affect your claim ability. Your policy could state radical surgery such as a full mastectomy to qualify for a claim or the better policies may make a payout based on keyhole surgery only or on diagnosis of the cancer prior to surgery even occurring.

For Professionals Generally

Flexibility to Claim

Being a professional your occupation is demanding and you have a high level you should have the ability to work an hour or so a day to check on your clients, your projects or your patients and still qualify for a total disability benefit. Better policies allow you to work up to 10 hours a week, earn income and still be totally disabled and receive the full benefit from the insurer. The better policies also do not require you to be totally disabled at any point in time to qualify for a top up benefit or partial claim. This is called waiting period qualification and is an important policy difference.

Mental Health Cover

Claims for mental health amongst females and medical professionals have risen substantially and now make up for 15% of all claims. These include depression, anxiety and stress. Check that your policy has this event covered.

If you bought your income protection directly online or through an association without the assistance of an insurance advisor, you may not have this cover. Generally policies purchased directly this way do not cover mental illness. Please read your brochure carefully.

For Medical Professionals – link to further medical professional information


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CORRECTIONS REQUIRED:

After having had my income protection, with a company based abroad, for the last 15yrs I recently decided to sort it here in Australia.(Now based here so it makes sense.)
Needless to say the thought of trying to get a similar product for a good price was a concern....

Dr S.T (BDSc)
Dentist
Newman, WA.


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