The roles of medical professionals, homemakers, and mining site workers might not seem like they have much in common – but they do to insurers. They are examples of specialised roles with unique risks that are often overlooked by financial advisers and clients alike. Make sure your clients have the right level of protection for their type of work.
If you have a wide client base, it’s likely that you see people from a variety of professions. It’s worth taking the time to consider the nature of your clients’ occupations to see if there is a specific type of protection designed for them. Alternatively, you might find that your clients employ someone, or have someone in their family with a special role that may need more tailored insurance solutions.
What are some examples of client's with specific needs?
Client's who may have specific needs and may require a particularly specialised solution include:
- medical professionals
- mining, oil and gas workers
- high net-worth individuals.
Example case studies
Example case study 1: Medical professionals
Medical professionals spend their working lives helping and healing others, often while putting themselves in high-risk situations.
Potential risks and needs:
- needlestick injury (infection with HIV, Hepatitis B or C due to an injury or accident at work)
- highly specialised career (which could require retraining if they could no longer continue in this career)
- high income earner (which would require high monthly benefit payments if unable to work)
- ownership of a practice (required to oversee their business even if they couldn’t actively work).
1. BT Protection Plans offers a Needlestick benefit. If your client suffers a workplace accident in which they suffer a needlestick injury, or are exposed to a blood splash or even bone dust, and as a result are diagnosed with HIV, Hepatitis B or C, they may be eligible to receive the Needlestick benefit.
2. BT Protection Plans offers an “Own Occupation” definition of Total and Permanent Disability (TPD) for medical professionals. Own Occupation TPD provides the most comprehensive cover, covering your client if they are totally and permanently disabled and can never practice in their medical specialisation again.
3. To protect income, BT Protection Plans’ Income Protection offers medical professionals a maximum monthly benefit of $60,000. For monthly benefits of up to $30,000, your client can select a 2 year or 5 year benefit period, or a period up to age 55, 65 or 70. For any portion of the benefit above $30,000, a 2 year benefit period applies.
4. BT Protection Plans’ Total Disability definition allows medical professionals to work for up to 10 hours per week while claiming Income Protection benefits, or more if they are unable to earn more than 20% of their pre-disability earnings. This means that they can keep an eye on their practice to ensure things are running smoothly and still continue to be eligible to receive claim payments.
Example case study 2: Homemakers
Homemakers often don’t realise their own financial value. If the stay at home parent died or was disabled to the extent they could no longer perform the daily activities that they provide for their household, the financial impact to that household would be far greater than first imagined. Replacements costs for child care, domestic duties such as cooking, cleaning and laundering clothes (let alone all of the other functions they perform) could add up to thousands of dollars each year.
Potential risks and needs:
- Spouse’s ability to work depends on the ability of the homemaker to look after the household and children
- Duties of a homemaker can be physical in nature – requiring them to be in good health.
Homemakers can be eligible for Home Duties Income Protection under BT Protection Plans which pays a regular monthly benefit if they are severely disabled because of sickness or injury and are unable to perform normal household duties. Homemakers may also be eligible for Term Life, TPD or Living insurance which can provide lump sum benefits in the event of death, permanent disability, or suffering a listed medical condition.
Income Protection can assist with the costs of hiring help to perform household duties, while TPD or Living Insurance can assist with the costs of rehabilitation and medical expenses as well as the financial support to make any necessary lifestyle adjustments.
Children’s Benefit is also available that provides a lump sum should an insured child die or suffer one of a number of listed conditions.
Example case study 3: Mining, oil and gas workers
Mining workers not only interact regularly with potentially dangerous machinery, they are often working far from home and from loved ones who can care for them.
Potential risks and needs:
- High risk of illness and injury due to accidents on the job
- Large periods of time spent underground/offshore can make insurance more expensive
- If severely injured, they might not be able to return home due to the difficulty of travel
- Highly fluctuating salary
1. BT Protection Plans’ TPD Benefit provides a lump sum if, due to sickness or injury, your client is disabled to the extent they are unlikely to work again or if they lose the use of two or more limbs or their sight. This could be used to repay debt, assist with ongoing expenses and/or fund any necessary home modifications
2. For people working in remote regions of Australia it can be quite expensive to arrange transport home if they are severely injured or ill. BT Protection Plans Income Protection may cover part or all of the cost for the insured person to be transported within Australia so they can rest and recover in familiar and more comfortable surroundings. We can also help cover part or all of the cost to help an insured person return to Australia if they are overseas and are totally disabled for more than 30 days
3. Help your clients keep their insurance up to date with their income through BT Protection Plans’ Future Insurability Benefit. The benefit can allow an increase to the Income Protection monthly benefit in line with income every 12 months without the hassle of being medically underwritten again.
Example case study 4: High net-worth individuals
Standard protection levels might not be enough to cover high-networth individuals.
Potential risk and needs
It may be difficult for high net worth individuals to receive the level of protection to cover their debts and lifestyle needs.
BT Reserve offers clients a TPD benefit of up to $15 million, Living Benefit of up to $10 million and a maximum Income Protection benefit of between $30,000 and $60,000 per month with a benefit period of either 5 or 10 years.