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January 2016

Changing or buying indemnity insurance

Changing insurers of any sorts can be tough and medical indemnity insurance is perhaps the toughest to change. Even when it’s just your car insurance, nobody likes to explain in detail all their previous accidents and claims, especially if there are multiple incidents. When it comes to medical practice, the likelihood you need to notify either your employer or insurer during your career is high, so changing insurers means you need to explain a whole lot of potentially embarrassing information about mistakes you made in you early career or even more recent ones. That said, practitioners shouldn’t ignore changing their …

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Redundancy… may happen to someone you know

Redundancy…..This most likely will not happen to you as medical professionals. However it may happen to someone that you know.   With the recent news headline, ‘WA unemployment rate hits 13-year high’, it has definitely put the pressure of job loss front of mind for many Australian workers, going into the new year. If you know someone that is currently going through or facing the prospect of redundancy, share this with them – every little tip can help!   If you are one of the thousands who have been made redundant and you are not sure what to do with …

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What’s more important: Income Protection Insurance or Total and Permanent Disability (TPD) Insurance?

The most common question I’m asked about personal insurances is “Do I need to have both Income protection insurance and total and permanent disability insurance?” The answer is “Yes, you should have both insurances in place”. Here are some important reasons why: Income Protection Insurance provides an ongoing income if you were unable to work for any period of time, provided you were unable to work for longer than the waiting period (the period of time you must wait before receiving a benefit; shortest waiting period is 30 days). This could be due to an injury, accident or illness. To …

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