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The term "life insurance" actually refers to a few different types of insurance, which are there to help when an illness, injury or death stops you from earning an income. Some offer financial help during a temporary setback, while others pay a big lump sum following a life-altering event.
Pays a lump-sum benefit to your family if you die. In some cases, the benefit may be paid if you're diagnosed with a terminal illness.
Pays a lump-sum benefit if you can no longer work as a result of illness or injury. Some options pay out if you can no longer work in any capacity, while others pay out if you're unable to work in your specific job.
Pays a monthly benefit for a set period of time if you're unable to work due to illness or injury. Some insurers may let you add cover in case you're made redundant.
Pays a benefit if you're diagnosed with a specific illness or suffer from a specific injury. Benefits vary depending on the nature and severity of the illness or injury.
Life insurance works just the same for medical professionals as it does for other workers. It's there to take the financial strain off you and your family if your health takes a turn for the worse and you're no longer able to earn a living.
However, there are a few unique factors that health workers should consider, that other professionals just don't have to think about.
There are a few different ways you can get life insurance. They're not all going to be right for everyone, so it's important that you do your homework and figure out which avenue is best for you.
Yes. Most super funds offer some form of life insurance, and it might even have been added automatically when you signed up.
It's easy to check. Just log in to your fund's website and it'll tell you if you have any cover and how much. If you can't log in, you can always give your fund a call instead.
Remember, life insurance through your super is usually pretty basic compared to cover through an adviser or direct from an insurer. It's also cheaper, but it's a drain on your retirement fund.
Yes. If you're a healthcare worker, you can still get life insurance, which will cover you in the event that you die from COVID-19 or are unable to work for a while.
In fact, thanks to an important decision by the Australian Competition and Consumer Commission (ACCC), exposure to COVID-19 can't be used as a reason to decline life insurance to frontline health workers. Insurance companies aren't allowed to charge you a higher premium due to your exposure or apply additional restrictions, either.
The rule applies to heaps of frontline medical workers, including – but not limited to – doctors, nurses, hospital employees, ambulance staff, paramedics, people working at GP surgeries or clinics, people working on COVID-19 vaccines, pharmacists, police, aged care workers and volunteers supporting people with COVID-19.
In March, one of Australia's biggest life insurers announced plans to exclude death from COVID-19 from new life insurance policies, including those of healthcare workers. Thankfully, that plan never came to fruition. However, that doesn't mean that there aren't other exclusions you should keep an eye out for.
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