You have a specialist occupation and your Income Protection needs to reflect this.
Professional people understand the importance of a quality Income Protection policy. Income Protection insurance provides for you and your family when your breadwinner can not due to illness or injury.
The current skills shortage within Australia is constantly requiring businesses to source professional workers from overseas – the question has often been asked however: What happens if a temporary working visa holder (457 working visa holder) becomes ill or injured? Whose responsibility is it to financially provide for the worker whilst they recover?
Professionals holding a temporary business working visa now have the opportunity to protect their income while living in Australia with Income Protection.
Medical professionals (Surgeons, Doctors, Dentists, Pharmacists, etc) and other white collar professionals (Engineers, Lawyers, Mining Industry) and many others on temporary working visas can now have the peace of mind that Income Protection allows.
One of the major Income Protection companies in Australia has a policy to help ease the concerns and difficulties temporary visa holders experience when settling in a foreign country, away from their families and support network.
This also has the added benefit of assisting businesses who spend the money to draw workers into Australia on a sponsorship arrangement. In the event of accident or illness, the insurance company will provide the visa holder an ongoing income stream (up to 75% of the insured’s income) to cover financial expenses during medium term absences from work without requiring the employer to continue paying an income or even cancel the sponsorship and source another worker.
So if you are either a temporary working visa holder or an employer of one, contact Life Shield to discuss.
Special Conditions:
The Income Protection plan may be initially taken up with a maximum benefit period of two years and a minimum waiting period of 30 days and on an indemnity basis.
If the insured ceases to reside in Australia or leaves Australia for more than 90 consecutive days the Plan will cease immediately and benefits will not be payable.
There will also be a return to Australia clause where the life insured may need to return to Australia if they have become totally disabled while overseas.
The insurer will offset any amount paid by the sponsoring employer to the person insured including, but not limited to, sick leave payments or minimum salary level payments.
What happens if a client wants to extend their temporary residency?
At the end of the four year period, holders of this visa must re-apply and be sponsored to continue working in Australia if they have not applied for and received their permanent residency.
What happens if a client becomes a permanent resident?
Once permanent residency has been established:
The Income Protection plan may be converted and the benefit period extended, subject to reduced underwriting.
The plan may also be easily altered to an agreed value contract once the relevant financial and visa information has been provided (if this is the only alteration requested).
Any additional alterations to the terms and conditions will incur full insurance underwriting.
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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