Personal protection (insurance) is critical, particularly given the significant earnings potential of medical professionals. Life and Disability insurance provide a lump sum benefit to clear debt and ensure your family’s financial security in the event of your death or disablement. Critical illness (trauma) cover provides funds to allow you to meet the immediate medical and emergency costs associated with a critical illness diagnosis. Income protection cover is designed to replace a portion of your income if you are unable to work due to illness or injury. It helps cover living expenses, manage debts, and maintain the standard of living, providing peace of mind and safeguarding your future earnings and your family’s financial security.
When should you consider taking this out?
As you complete your studies and commence your income year, it is important to consider your personal insurance needs. Your ability to earn an income will soon become your most important asset, it is critical that this is protected, so you are able to maintain your current standard of living in the event you are unable to work through accident or illness. As you progress through your career, accumulate wealth, take on debt or start a family, life, disability, and critical illness insurance become imperative, to ensure future financial security in the event of a ‘worst case’ scenario.
What is the estimated cost for this?
The cost of income protection insurance can vary significantly and is based on a range of factors, some of which include:
Your age
Your gender
The level of cover in place
The age of the policy, it’s terms and the insurer
Whether your policy has any premium loadings
The structure of the premium itself
To ensure you are paying an insurance premium that is competitive, for a policy that is well structured and appropriate to your unique needs and preferences as a medical professional, please get in touch with the team at AMA Financial Services.
If you would like to speak to an expert about your needs please use this link to schedule a time.
Ph: 1800 262 346
Email: [email protected]
www.amafinancialservices.com.au
Disclaimer: The information above is general in nature and may not be relevant to your individual circumstances. You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) before making any decision to acquire a product.
AMA Services (WA) Pty Ltd. ABN 47 008 671 458 t/as AMA Financial Planning is an Authorised Representative of Hartley Financial Pty Ltd. ABN 22 124 384 274 | AFSL 480751 an Australian Financial Services Licensee