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Insurance for medical professionals

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Insurance for medical professionals

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  1. Insurance for medical professionals Presenter: dd month 2016 [Adviser logo]

  2. Disclaimer/AFSL details etcThis information is current at January 2016 and is subject to change. As this information (including the statements on taxation which are of a general nature only and based on current laws, rulings and interpretation) has been prepared without considering your objectives, financial situation or needs, you should, before acting on this information, consider its appropriateness to your circumstances. OneCare is issued by OnePath Life Limited (ABN 33 009 657 176, AFSL 238341) (OnePath Life) and OneCare Super is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) (OnePath Custodians). You should read the product disclosure statement, available at onepath.com.au, before making a decision about the products.

  3. A dangerous workplace • Medical professionals are often exposed to risks others don’t need to think about: • Needlestick accidents • Serious blood-borne diseases (HIV, Hep B & C) • 1 in 9 nursesreported at least one needlestick or other sharps injury1 • It’s estimated that sharps and needlestick injury incidents in Australia affect at least 18,000 healthcare workers each year2 • Medical Technology Association of Australia, 2013 • http://www.allianceforsharpssafety.org/ , Accessed December 2015

  4. What are the odds? • 1 in 2 men and 1 in 3 women will be diagnosed with cancer by the age of 851 • 45% of Australians will experience mental illness at some point in their lifetime2 • Doctors are at greater risk of mental illness and stress-related problems3 1. 'Facts and figures' Cancer Council Australia, October 2015 2. “The Facts”, www.beyondblue.org.au/the-facts , 2015 3. Australian Medical Association, “Burnout and psychiatric morbidity in new medical graduates” 2011

  5. Did you know…? • According to a 2014 KPMG report1: • Only 27% of disability insurance needs are being met through existing cover • 35%of Australians have no form of disability insurance • According to research on the impact of the sudden disability of a parent2: • Before a parent became disabled,11% of parents without insurance rated finance as ‘struggling’. After disability, this rocketed to 62% • 75% of those without insurance agreed that in hindsight a policy covering disability would have helped KPMG report for Financial Services Council, 2014 IMPACT OF DEATH OF A PARENT ON SURVIVING PARTNER AND CHILDREN report. Research conducted by Ipsos on behalf of ANZ Wealth April – May 2015

  6. The need for protection • If you were unable to work... • What would it mean for your income? • What about your family’s lifestyle? • Could you sustain your current debt levels? • How would it affect your retirement plan? • How long would your businesssurvive?

  7. The need for protection • Workers compensation generally doesn’t cover injuries that happen away from work, or provide protection against serious illnesses. • If you work for yourself, Workers compensation will not be available to you • Social security payments may not cover your medical and living expenses. There may also be waiting periods. • Private health insurance doesn’t help you with your everyday living expenses and is often capped.

  8. The need for protection • Life insurance strategies should consider the cost to: • Fund ongoing living costs • Repay or service debts • Meet child education needs • Meet medical expenses • Maintain savings/retirement plans • Keep your business running (if self-employed)

  9. What about the National Disability Insurance Scheme? Does it replace the need for life insurance? No… here’s why: • Designed to help the most severely disabled people, not everyone who has a disability. • Doesn’t cover temporary conditions that may occur. Such as disabilities from a car crash or from a serious illness. • It’s main purpose is to give people who are severely and permanently disabled more personalised assistance and a greater connection with their community. Not financial support. • Available in limited regional areas, with roll out not until 2019/2020 • Even if you are eligible, it can’t help you eliminate debts, provide an replacement income or cover the out-of-pocket costs of medication and treatment.

  10. A bit of history • Life insurers will typically offer attractive terms to medical professionals • This can help you get higher levels of cover while keeping your premiums down • Insurers are also increasingly recognising your need for specialist protection

  11. OnePath, one of the market leaders for medical professionals • Optional Needlestick Benefit pays up to $1million if you contract HIV, Hep B or C at work • Own Occupation TPD gives you disability cover that recognises your specialist training • TPD Benefit of up to $10m allows you to take a higher level of cover to help fund a business buyout

  12. In 2015 OnePath paid over $122 million in Life/death and terminal illness insurance claims Types of cover available Life cover for death and terminal illness • Helps the family eliminate debts and stay in the family home • Provides an ongoing income for the family • Pays medical bills and funeral costs • Allows for buy/sell funding and increase in key person cover Income replacement cover for sickness or injury • Helps families keep up with mortgage repayments and day-to-day living expenses

  13. Types of cover available Total and Permanent Disablement (TPD) cover • Helps reduce debts and cover long-term care costs • Pays for modifications to the family home • Allows for buy/sell funding and increase in key person cover Trauma cover for serious illness • Pay out-of-pocket medical costs • Helps spouse take time off work to provide care • Allows people to make lifestyle changes – like reducing work hours, or taking an extended holiday

  14. Types of cover available 2015 OnePath paid over $116 million in Income protection and business expenses insurance Business expense cover for sickness or injury • Pays a monthly benefit to cover your fixed business expenses – such as equipment hire, motor vehicle leases and advertising commitments • Helps keep your business running in your absence • Premiums are generally tax-deductible • Can fund a locum replacement in the business while you recover

  15. Advice about life insurance • It’s important people seek tailored advice that takes into account their income, debt levels, family status etc • A financial adviser can help with strategies to make life insurance more cost-effective, including insurance inside super

  16. Thank you Questions?