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.

FAQs About Life Insurance for Accountants

Why do chartered accountants need life insurance?

 

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.

What can life insurance for chartered accountants cover?

 

Chartered accountants should consider a range of life insurance covers:

 

Total & Permanent Disability

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.

 

Business Expenses Insurance

The fixed costs and overheads of an accountant’s business, in the event that they are unable to work (Business Expenses Insurance).

 

Income Protection

Income Protection, in the event that you are unable to work due to illness or injury.

Some features of Income Protection Select cover are:

  • Cover that increases in line with your salary. PPS Mutual Professionals Choice Insurance is the only cover that includes an Indexation For Professionals benefit, which offers an option to have your sum insured increase based on increases in our Professional Earnings Index or inflation – whichever is higher.
  • The ability to take time off work if necessary to care for a seriously ill child and receive an Income Protection benefit for up to 6 months. This unique benefit is offered by PPS Mutual Professionals Choice, as a Caring For Your Child Benefit.

 

Life Cover

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

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.

How much life insurance should a chartered accountant have?

 

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.

What are the benefits of having life insurance as a chartered accountant

 

A comprehensive selection of life insurance covers can provide a safety net for an accountant and their family – for example, Income Protection Select 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.

How can PPS Mutual help with life insurance for chartered accountants?

 

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:

  • Mutuality: a share of our profits goes to Members, not shareholders. Become part of an exclusive group of professionals who benefit from PPS Mutual’s profit share arrangement.
  • Professional events: as a professional, you can increase your cover when certain career changing events occur, such as becoming a partner or starting a private practice.
  • Career Change Transition Benefit: Pays a monthly benefit for 12 months to support a career transition after an illness or injury
  • Caring for your Child benefit: Allows Members to take time off work if needed to care for a seriously ill child and receive their Income Protection benefit for up to 6 months.
  • Parental Leave Cover Protection: If you take Parental Leave you can reduce your cover or stop it all together. When you return to normal working hours you can increase cover to your previous level with no  medical underwriting
  • Split income protection cover: You can apply for Income Protection Select cover both in and out of the superannuation environment. This allows you to reduce your out of pocket Income Protection premium costs.
  • Study Leave Cover Protection: If you have stopped work (or reduced your working hours) no more than 12 months  ago to go on a Fellowship or for other career-based further Study or Training then you will be assessed against the occupation you were performing immediately prior to  commencing the study

Our PDS contains the full terms and details of product features.

Profit-Share

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.

Indexation for Professionals

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.

Professional Events

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

Flexible Premium Structure

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.

True Level Premium

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.

Change of Ownership

The plan ownership may be transferred at any time with no underwriting.