Income Protection for Nurses
As a medical professional, you face some unique risks in your working life, and for this reason a standard income protection policy may not be for you. Or, perhaps your current policy does not take into account your current qualification level and you are paying too much. We have prepared this income insurance guide specifically for you, Australia’s nurses, to provide the information that is relevant to you
Does your policy include needle-stick protection?
If your policy includes needle-stick protection, you can receive a lump sum benefit of up to 50 times your current benefit, curbed at one million dollars, if you contract a serious disease like HIV, or Hepatitis B or C.
But, this cover is not built into all policies and, even if your policy does contain a needle-stick benefit, it may only cover doctors and not extended to nurses. In addition to this, the structure of the policy, as well as the amount of cover can vary between insurers. It is important to read your policy’s fine print, or speak to an insurance professional regarding your policy to ensure you are covered in the event of a needle-stick accident.
Are you paying too much?
Significant policy discounts apply to nurses with higher levels of qualifications, such as nurse practitioners, or registered nurses. It is important to review your policy to ensure you are listed with the correct occupational rating, or you could be paying more than necessary for your cover.
How income protection works
If, due to sickness or accidental injury, you are unable to work for a period of time, income protection can insure you for up to 75% of your pre-claim income. Coverage is world wide and 24/7. The time you must wait to make a claim, and the length of time you can receive a benefit for depends on your selected waiting period, and benefit period.
This benefit will be paid upon completion of your selected waiting period - the period of time from when you are not able to work, until you are able to make a claim. This period is commonly 14 days, 30 days, or 90 days, with premiums often varying depending on your selected waiting period.
The benefit period is how long you will receive a payment if you are unable to work due to injury or sickness. The most common of these are two year or five year benefit periods, or an age 65 benefit period whereby you will be paid to the age of 65.
The premium is generally payable either out of your superannuation, or disposable income. Paying from super generally attracts a 15% up front tax rebate, while payments from income are usually tax deductible at your marginal tax rate.
Remember, income insurance solutions can be tailored to you and your specific requirements as a medial professional. If you have any questions regarding your policy, or the options available to you, please call to speak to one of our consultants.