Adviser urges medical professionals to look after themselves
With years of education behind them, and years of potential income in front of them, medical
professionals have a right to have high lifestyle expectations. But according to David Reed from
Keyperson.com.au, few are protecting that lifestyle with the right insurance.
“Some people think a good income and a good lifestyle today means you’re financially secure,”
says Mr Reed. “But if anything it means you’ve got a lot to lose if you get sick or injured.”
Mr Reed believes every Australian should consider taking out life insurance – including death
cover, total and permanent disability (TPD) insurance, trauma insurance and income protection
particularly those with families and debts.
“How much cover you need is generally determined by your income, your dependants, your
assets, and any debts in your name. And if you run your own business, you need to ensure your
business debts and fixed expenses are covered too.”
With a broad range of cover types available, it’s worth investigating your options – including the
possibility of holding your life and TPD insurance cover inside super. You may also be able to
claim some of your insurance premiums as a tax deduction.
Two types of cover that are usually tax-deductible are income protection and business expenses
insurance. Together these make a good package for the business owner according to[Mr Reed.
“Income protection can cover up to 80% of their personal income, and business expenses
insurance can take care of their fixed business costs like rent and electricity. So by combining
these two types of policies, the business owner can cover both their personal, and work expenses.
And potentially reduce their tax bill.”
Mr Reed urges all medical professionals to review their insurance needs regularly with their
financial adviser.
“Your cover has to keep up with your changing lifestyle – your income, your family, and if you’ve
got one – your business. There’s no point putting it off until it’s too late.”
ENDS
For more information contact:
David Reed
david@keyperson.com.au
www.keyperson.com.au
Phone: 130078-55-77
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