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Life Insurance and Income Protection for Surgeons

As a surgeon, you are exposed to unique risks that other professionals are not. As someone who works with patients suffering from a variety of different medical conditions, you will understand the impact one’s health can have on family members, both emotionally and financially.

Life insurance, income protection, total and permanent disability insurance and trauma insurance all provide forms of protection against unexpected injury and illness.

In particular, life insurance and income protection can provide relief from financial burdens that may only be realised after suffering an injury or illness. As a surgeon, your most valuable asset is your income; income protection is a way to protect that asset and ensure the consequences are not devastating for you and your family.

As a surgeon, you may have concerns specific to the area of specialisation within which you operate as well as how your business (if you are self-employed) would function in your absence. We understand that you have spent years developing your niche skillset and appreciate the importance of being protected in the event that your ability to perform your role is compromised.

In speaking with one of our advisors, we will take time to understand your circumstances and your concerns and we will provide you with personal advice to assist in protecting the lifestyle you have built.

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    There are a couple of product features that are specific to surgeons and other medical professionals. The primary benefit that is specific to medical professionals is known as a ‘needlestick benefit’. As a medical professional, you are at a higher risk from contracting serious diseases from contaminated needles. This can include exposure to hepatitis B, hepatitis C and HIV, as well as other serious diseases. In the event this happens, despite the fact you might be in a stable condition, you may well be unable to practice again resulting in a significant change in your career path. A Needlestick benefit is designed to provide you with an up front lump sum that is there to assist in this transition away from surgery.

    With income protection insurance, it is possible to receive up to 75% of your pre-tax income (inclusive of the super contributions you make) each month if you are unable to work due to injury or illness. Before being eligible to make a claim on income protection, you will need to satisfy the waiting period requirement. The waiting period requirement refers to an amount of time that you need to be unable to work prior to a claim becoming valid. The most common waiting period is 30 days however this can be adjusted according to your needs. Naturally, the longer the waiting period, the cheaper the premium.

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    Total and Permanent Disability Insurance

    Total and Permanent Disability (TPD) insurance compliments income protection insurance in that it too provides a benefit which is tied to your ability to work. The difference is that TPD insurance provides you with a lump sum should you never be able to return to work due to illness or injury.

    There are two primary definitions when it comes to Total and Permanent Disability insurance. The first is ‘any occupation’, which means that you will need to be unable to return to work in ANY occupation for which you are suited by way of Education, Training or Experience. The second definition is ‘own occupation’, which simply means that you will need to be unable to ever return to work in the job which you were working in immediately prior to disablement.

    As a surgeon, the value of Own Occupation TPD Insurance cannot be understated. The reason for this is that there are numerous roles within the medical field that you would be suited to should you no longer be able to operate. For example, if you were to develop a hand tremor then you would no longer be able to operate however you could well work as a consultant. As a result, Own Occupation TPD insurance is generally highly preferable.

    Life Insurance

    In the event of your premature death, life insurance can provide your family with financial support and protection. A lump sum payment is available after your death or diagnosis of a terminal illness and can be used to provide your loved ones with a similar lifestyle while you are no longer able to provide for them. This includes settling any debts, making mortgage repayments and paying education expenses.

    Trauma Insurance

    Trauma Insurance provides you with a lump sum in the event that you are diagnosed with one of a list of pre-determined medical conditions. The most common claims are a result of cancer, heart disease and stroke. As you would know, the emotional and financial toll these conditions can have is significant. Trauma insurance provides you with a buffer to address unforeseen medical expenses and gives your loved ones the flexibility to take time off work while you are focussing on your recovery. No one would appreciate as much as yourself the need to seek out the best medical advice possible and these funds will ensure this is possible.

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    Cherie Haig
    It has been my pleasure to deal with Brent and his team over the years I have been their client. All queries have been explained promptly, intricacies of policies and decisions I contemplated explained, and the level of service Brent has provided exceeds 5 stars.
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    Brent from Curo Financial Services has exceeded our expectations and has been a pleasure to deal with. Brent is professional, trustworthy and provides excellent service that goes above and beyond. Brent is compassionate, kind, and caring. Brent has always had our best interest at heart and really takes the time to ensure you feel supported. Brent has made the process of dealing with insurance easy and has made it a positive experience. Brent is a pleasure to work with.
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    We dealt with Brent and he was an absolute pleasure to work with. He supported us in a very caring compassionate way at a time where we were very stressed.
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    It is my absolute pleasure being able to write this glowing review about Brent and his team.
    Brent and I have known each other for many years with Brent advising me where needed on my income protection policy. Throughout that time Brent has been very thorough in keeping me updated with any changes within the industry and how that may affect my extremely important policy.
    Life takes some interesting twists and turns and it just so happens that I unfortunately needed to call on the benefits on my amazing policy.
    Brent was right there when you needed him the most, guiding me through the entire process and following through with everything he had advised me on in the past.
    I can’t thank Brent enough for being by my side offering genuine Compassion and knowledge when needed.
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    Mark
    Herman Bothma
    Curo Financial Service have given me out standing customers service over the years. Brent have great knowledge to what product would be the best suited for my level of cover and great advice over the years.

    From the day I took out my life insurance cover and Income protection Brent was there to answer any questions I had and
    when I was diagnosed with pancreatic cancer years later Brent made the Claim process easy with good communication clarity with what’s information is needed a piece of mind in a uncertain time for me but not only where he professional through out the process he showed support empathy, kindness and a level of care that’s hard to find these days.

    I would Recommend Brent and Curo financial Services without any hesitation. I am sure they would look after you too!
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    We have been dealing with Brent from Curo Financial Services for a while now and have found them extremely helpful and always acted in our best intrest
    So I would have no hesitation to recommend them to anyone
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    Jocelyn Jamieson
    Have dealt with this firm for many years and always received fantastic service. Would highly recommend. Nothing is too much trouble for Brent. He goes out of his way to assist.
    Ari Mitchell
    I recently had the pleasure of working with Brent from Curo, and I cannot express enough how exceptional my experience was. From the moment I reached out for assistance, Brent demonstrated an unparalleled level of subject matter expertise and a dedication to providing outstanding customer service.

    Brent's knowledge and proficiency in their field were immediately apparent. They patiently listened to my concerns and questions, providing thorough and clear explanations that made even the most complex concepts easy to understand. What truly set Brent apart was their willingness to go above and beyond to ensure I had all the information I needed. Their expertise was not just impressive but invaluable.

    Additionally, the customer service I received from Brent was nothing short of outstanding. They were not only professional and efficient but also genuinely friendly and approachable. Brent took the time to address all my queries, no matter how big or small, and made me feel valued as a customer. Their patience and willingness to assist left a lasting impression on me.

    I am truly grateful to have had the opportunity to work with Brent at Curo. Their expertise and dedication to providing exceptional customer service are a testament to their commitment to excellence. I would highly recommend Brent to anyone seeking top-notch assistance and support. Thank you, Brent, for your outstanding service – you have definitely earned a loyal customer in me!
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    General Advice Disclaimer

    General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

     

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