Life Insurance for Accountants
Protecting the professionals who analyse our numbers.
Accountants are well versed in the importance of financial security, and they also know firsthand just how easily life can derail one’s carefully laid financial plans.
That’s why life insurance is so important for accountants. The right life insurance products can be a safety net that helps guarantee your family won’t be put under undue financial stress if you can no longer earn an income due to death, injury, or illness.
Accountants typically invest years (and money) into their careers; life insurance is a way of helping to protect a future and employment status that takes a long time to grow. It’s even more important for accountants who have debts such as a mortgage or dependent family members – all of which will continue to need financial support even if a regular income is no longer possible.
Many chartered accountants also open their own firms or small businesses, which exposes you to additional expenses. If an illness or accident suddenly prevents you from running your business, Business Expenses Insurance can cover these fixed costs and overheads.
Chartered accountants should consider a range of life insurance covers:
Total and Permanent Disability Insurance will provide you with a lump sum should you, as a consequence of becoming totally and permanently disabled, be unable to work again.
The fixed costs and overheads of an accountant’s business, in the event that they are unable to work (Business Expenses Insurance).
Income Protection, in the event that you are unable to work due to illness or injury.
Some features of our Income Protection cover include:
Life Insurance Cover, which provides a lump sum to your nominated beneficiary or estate to reduce the burden of financial stress if you pass away or become terminally ill.
Trauma cover, which covers you against specified critical illnesses such as cancer and heart attack*.
*These conditions are known as Cancer – excluding specified early-stage cancers and Heart attack (myocardial infarction) – with evidence of heart muscle damage – see the PDS for definitions of the listed medical conditions covered by our trauma insurance.
The amount of life insurance recommended will vary depending on range of factors including an accountant’s debts (e.g. a mortgage), and family situation. Accountants who are also business owners could benefit from wider coverage. To decide on the appropriate level of cover for you, it’s advisable to seek the help of a professional financial adviser.
A comprehensive selection of life insurance covers can provide a safety net for an accountant and their family – for example, Income Protection cover can help avoid financial stress if a regular income is no longer available due to illness or injury.
Accountants who take out their life insurance policy via an SMSF (self-managed super fund) may also access tax benefits depending on their circumstances. It may allow Members to reduce their out of pocket personal Income Protection premium costs.
PPS Mutual Professionals Choice benefits have been designed specifically for Australia’s professionals, such as chartered accountants, including TPD, income protection, and life cover. You’ll also get the added benefits of:
Our PDS contains the full terms and details of product features.
Members of PPS Mutual will be entitled to a share in the profits of the Professionals Choice product. PPS Mutual Professionals Choice is the only product to offer this feature in the Australian Insurance market.
Being exclusively for professionals we are able to offer the option of having benefits increase in line with your salary, based on increases in our Professional Earnings Index or inflation, whichever is greater.
You can also increase your cover without having to provide further medical evidence when certain career events occur such as becoming a partner or starting in private practice
A flexible premium structure provides for both a stepped and level premium structure for the one insurance type, allowing you to tailor your cover to benefit from the advantages of both premium structures.
Premiums for any increased cover, from the application of the Indexation for the Professionals Benefit, is based on your age at the date of commencement of your cover and not your age at the time the indexation is applied.
The plan ownership may be transferred at any time with no underwriting.