12 Stirling Highway
Nedlands WA 6009
Wealth and Income Protection Insurance
The last thing you need as a practicing doctor is more stress in your life when it comes to making important decisions regarding the protection of your most valuable asset – yourself.
Most medical professionals will acquire significant financial assets over their working life. A family home, superannuation savings, a share portfolio, a prestige car, perhaps an investment property or two.
And yet the biggest financial asset you’ll ever own is none of the above, it’s you and your ability to produce an income.
This is where insurance is critical:
Income Protection
This pays an ongoing monthly benefit, based on a percentage of your income. Income protection cover is critical, allowing you to ensure your most important asset, your ability to generate an income, is adequately protected in the event you are unable to work through accident or illness.
To obtain a quote or hold a discussion with one of our advisers, please complete the Wealth and Income Protection form below.
Life Cover
Confusingly also referred to as Death Cover, this pays a lump sum to your estate if you die or become terminally ill. It can therefore ensure that your partner or other dependents can clear all debts – such as a home loan – and have financial security for life.
Total & Permanent Disability (TPD)
Disability cover provides a lump sum benefit in the event you are totally and permanently disabled and unable to return to work. This cover is often used to repay debt, fund emergency and medical costs, replace lost income and fund the cost of ongoing care.
Trauma Cover
Trauma or critical illness cover provides a lump sum benefit in the event (and on) diagnosis of a critical condition, such as a cancer, heart attack or stroke. This cover allows you to ensure you are able to meet the immediate medical and emergency costs associated with a trauma, allowing you to focus on recovery.
Life takes twists and turns that we can’t always see coming. That’s why it’s so important that we are prepared for life’s emergencies. You don’t want to leave it to chance.
An accident, sickness or death of a working age parent will almost always have a significant impact on the financial circumstances of the family. Despite this Rice Warner Actuaries calculate that over 95 per cent of families do not have adequate insurance.
Having the right insurances in place can help protect your family and your income if the unexpected occurs.
There are different types of cover that fall under the broad heading of life insurance:
Life cover – also known as term life insurance or death cover, pays a set amount of money when the insured person dies. The money will go to the people you nominate as beneficiaries on your policy.
Total and permanent disability (TPD) cover – covers the costs of rehabilitation, debt repayments and the future cost of living if you are totally and permanently disabled. TPD cover is often bundled together with life cover.
Trauma cover – provides cover if you are diagnosed with a specified illness or injury. These policies include the major illnesses or injuries that will make a significant impact on a person’s life, such as cancer or a stroke. It is also referred to as ‘critical illness’ cover or ‘recovery’ insurance.
Income protection – replaces the income lost through your inability to work due to injury or sickness.
How we can help
AMA Financial Planning has access to a large range of insurers and we can tailor your wealth protection plan to suit your circumstances. We will make the insurance process as simple as possible and help you get the right cover to protect you and those you love with a financial safety net in the event that the unexpected occurs.
Aren’t I already covered through my work and the government?
You may be eligible for some compensations and entitlements depending on your situation (for example Workcover, Sick leave, Social Security). However will these be enough? Will you qualify? And what are the waiting periods?
To discuss your Wealth Protection needs please contact one of our qualified Financial Advisers at AMA Financial Planning on 1800 262 346.
