Life Insurance for Speech Pathologists
Comprehensive life insurance solutions tailored to the needs of speech pathologists.
Between the rigours of patient care and the ongoing work of running a practice, Speech Pathologists often overlook the protection of their most important asset: themselves.
However, as one of the professions insured by PPS Mutual, who are the only Life Insurance provider in Australia that currently offers life insurance products with a profit share and who distributes the profit to its Members, Speech Pathologists are eligible to apply for PPS Mutual Professionals Choice. That means peace of mind for you, your family, and your business.
The right selection of Income Protection, Trauma, Total & Permanent Disablement and Business Expenses insurance means a speech pathologists’s financial responsibilities can still be met even if they can no longer work due to injury or illness. This could include debts such as a mortgage, medical expenses, or the fixed costs of running a practice. That means there’s much less financial burden on the family, business, and the individual themselves if life takes an unexpected turn.
Life insurance is often used as an umbrella term to describe lots of different types of personal insurance. Some offer financial help during a temporary setback, while others pay a big lump sum following a life-altering event.
Here is a breakdown of the types of life insurance covers that can work together to provide financial security if you are injured or become too sick to work:
Income Protection
Income protection monthly payments are made to you and your family if you are no longer able to earn an income because of illness or injury.
Total & Permanent Disability
Total and permanent disability pays a lump sum if you are no longer able to work due to an injury or illness.
Business Expenses
Business expenses can help cover staff wages, rent, equipment, and any other fixed costs associated with running a medical practice/ business if illness or injury prevents you from working for a while.
Life Cover
Life cover if you die or become terminally ill, your family will be looked after with a lump sum paid to your estate or your beneficiaries. This can be used to cover family expenses such as a mortgage, or ongoing medical care.
Trauma Cover
Trauma Cover pays a benefit if you’re diagnosed with certain critical medical conditions.
Life insurance for speech pathologists offers essential financial protection for dependents by replacing lost income in the event of unexpected death, illness, or injury. It can cover outstanding debts, such as mortgages and loans, preventing financial burdens for loved ones. For practice owners, life insurance ensures business continuity by covering debts, facilitating buyouts, or hiring replacements. Ultimately, life insurance provides peace of mind, allowing podiatrists to focus on their careers and personal lives without constant financial concerns for their families.
The amount of life insurance taken out will depend on individual circumstances, however, the nature of a speech pathologist’s working environment makes a comprehensive policy tailored specifically to the needs of professionals a wise choice.
To decide on the appropriate level of cover for you, it’s advisable to seek the help of a professional financial adviser.
When you join PPS Mutual, you get exclusive access to a unique and tailor-made portfolio of insurance benefits as part of our Professionals Choice product – created with the specific protection needs of Australian professionals in mind, including speech pathologists.
Furthermore, through our unique mutuality model, you will be entitled to a share of our long term profits.
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 variable age-stepped and variable 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.