Life Insurance for Engineers

Protecting the professionals who innovate, design and build.

Measuring and minimising risk is part of an engineer’s daily work, but it’s just as important for engineers planning their financial future.

For engineers, the right life insurance products mean you and your family can remain financially secure if you become unable to work. This includes life cover in the event of death or terminal illness, income protection for lost income, and other options such as Total and Permanent disability insurance.

FAQs About Life Insurance for Engineers

Why do engineers need life insurance?

 

A life insurance policy covers you and your family against life’s unexpected events. Depending on the type of cover, if you become ill, injured, or die, your family will receive a degree of financial protection in the absence of your regular income.

This is a vital safety net for people of any profession, let alone engineers whose positions often require regular travel, site work, and machinery usage. All of these things carry significant physical risks that can endanger your ability to work and generate an income.

What can life Insurance for engineers cover?

 

A comprehensive life insurance policy for engineers should cover:

Income protection

Income Protection Select Insurance entitles you to monthly payments in place of lost income if you suffer an injury or illness and are unable to work as a result.

 

Total & Permanent Disability Insurance

Total and Permanent Disability Insurance pays a lump sum out if an accident or chronic medical condition permanently prevents you from working.

 

Life Cover

Life Cover Insurance pays your estate or nominated beneficiaries a lump sum if you die or become terminally ill.

 

While these options address many of the physical risks that come with the engineering profession, it’s also worth considering investing in trauma cover for serious illnesses (listed in the PDS) and business expenses insurance if you run your own engineering firm.

How much life insurance should an engineer have?

 

The amount of life insurance cover will vary depending on an engineer’s debts, assets, and family, as well as the specifics of their work environment. Everyone’s circumstances differ. To decide on the appropriate level of cover for you, it’s advisable to seek the help of a professional financial advisor.

Is being an engineer a high-risk profession?

 

As many engineers work in high-pressure settings that require long-distance travel, machinery operation, and irregular working hours, the profession can be considered relatively high-risk. Even engineers who work in offices are regularly expected to make site visits where workplace accidents are possible.

And the fact is, whether it be chronic or life-threatening, an accident or illness can disrupt your life in the blink of an eye.

Our Insurance cover enables you to focus on your recovery, without the financial burden.

What are the benefits of having life insurance as an engineer?

 

As an engineer, life insurance products can offer you both a financial safety net and peace of mind.

Financially, the right life insurance products mean that you and your family will be able to meet some of the ongoing expenses of family life even if you can no longer provide an income. This might include a mortgage, school fees, lifestyle costs, car repayments, for example.

The comfort that this security affords is also worth the investment. You won’t have to worry about your family being left unprovided for, even if the unthinkable happens.

How can PPS Mutual help with life insurance for an engineer?

 

PPS Mutual works exclusively with Australian professionals, including engineers, to provide tailored life insurance packages that include Total & Permanent Disability, trauma insurance, income protection, and life cover as well as:

  • Career Change Transition Benefit: Pays a monthly benefit for 12 months to support a career transition after an illness or injury
  • 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
  • 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
  • Caring for your Child benefit: Allows Members to take time off work if needed to care for a seriously ill sick child and receive their Income Protection benefit for up to 6 months.
  • Profit share and mutuality: PPS Mutual’s profits are shared with Members, not shareholders.

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.