Life Insurance for Pharmacists

Protecting the professionals who dispense care.

Pharmacists wear many hats in their provision of care to local communities. They’re chemists, business owners, IT professionals, and over-the-counter counsellors for worried customers.

With so much being done to support others, it’s easy for pharmacists to overlook their own protection. That’s why life insurance is so important for pharmacists. A comprehensive policy will give pharmaceutical professionals a safety net that can help ensure their income and family finances are looked after should they become unable to work.

FAQs About Life Insurance for Pharmacists

Why do pharmacists need life insurance?

 

The right selection of Income Protection, Trauma, Total & Permanent Disablement and Business Expenses insurance means a pharmacist’s financial responsibilities can still be met even if they can no longer work due to injury or illness. This could include debts (i.e. a mortgage), medical expenses, or the fixed costs of running a chemist.  That means there’s much less financial burden on the family, business, and the individual themselves if life takes an unexpected turn.

Pharmacists looking towards retirement should also consider a comprehensive life insurance policy that includes Trauma cover. As retirees are no longer eligible for Income Protection insurance, these provide a financial safety net if you suffer an illness or injury that requires medical expenses.

What can life insurance for pharmacists cover?

 

Life insurance for pharmacists can cover:

 

Income Protection

Income Protection Select pays ongoing monthly payments to you and your family if you are no longer able to earn an income as a result of illness or injury.

 

Total and Permanent Disability (TPD)

TPD pays a lump sum if you are no longer able to work due to an injury or illness.

 

Business Expenses

Business expenses insurance can help cover staff wages, rent, equipment, and any other fixed costs associated with running a pharmacy if illness or injury prevents you from working for a while.

 

Life Cover

If you die or become terminally ill, your family will be looked after with Life Cover which pays a lump sum paid to your estate or your beneficiaries. This can be used to cover family expenses (e.g. a mortgage) or ongoing medical care.

 

How much life insurance should a pharmacist have?

 

The amount and types of life insurance a pharmacist should consider will depend on their individual financial circumstances and other factors, taking into account debts such as student loans and/or a mortgage. Typically pharmacists are accustomed to sizeable debts – especially when they own a business – so comprehensive cover with well-chosen sums insured can provide peace of mind.

It’s also important to note that pharmacists invest many years and a good deal of money into their careers. Therefore it is often advisable for pharmacists, who are seeking insurance to seek a policy tailored to their needs and the income they’ve worked so hard to attain.

To decide on the appropriate level of cover for you, it’s advisable to seek the help of a professional financial advisor.

What are the benefits of having life insurance as a pharmacist?

 

The right selection of life insurance products can  give a pharmacist the benefits of:

  • Knowing their family will have a degree of financial security even if they can no longer work.
  • Assistance with keeping a pharmacy open while they are unable to work due to illness or injury.
  • Assistance with maintaining a family’s current lifestyle if illness or injury means they can no longer work (e.g. mortgage repayments or school fees).
  • A lump sum to accredited vaccination pharmacists, if they are accidentally infected by a blood-borne disease at work.

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

How can PPS Mutual help with life insurance for pharmacists?

 

If you’re a pharmacist seeking a comprehensive selection of life insurance products, PPS Mutual can offer you a policy that includes several benefits such as:

Indexation

Indexation benefits that increase in line with our Professionals Earnings Index.

 

Professional events

The ability to increase your level of cover without providing additional medical evidence when certain events occur – such as starting a small business.

 

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 altogether. 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 Tratining then you will be assessed against the occupation you were performing immediately prior to commencing the study.

 

PPS Mutual is the only Life Insurance provider in Australia that currently offer life insurance products with a profit share and who distribute the profit to its Members. That means our profits are shared with you, our Member, instead of any shareholders. It’s our way of putting our Members first.

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.