Accountants, Lawyers and Service Professionals
Income protection and business insurance options for service professionals
As a trained, skilled professional in constant demand, you can expect many years of respectable earnings and look forward to a comfortable lifestyle and secure retirement. Taking out life insurance cover allows you to protect that future and offset the risk of unexpected illness or injury. As a 'white collar' professional you are likely to pay lower premium rates on your life insurance policies, making them an even more practical investment.
There are a number of things to think about when choosing your life insurance cover.
- Many accounting, service and legal professionals are self-employed, which means you need to consider the range of business insurance options as well as your personal life insurance needs. If injury or illness should prevent you from working, even temporarily, would your business still be able to meet its tax and other liabilities? Are there enough people in your team to meet regulatory deadlines and fulfil your obligations to clients if someone falls ill? Key person or business expenses insurance could provide an essential back-up if something happens to you or one of your partners.
- Many service professionals, accountants and lawyers travel regularly for work and spend a lot of time away from home. Some income protection policies offer additional benefits which cover the cost of accommodation or transport home in case you get injured or fall ill whilst travelling on business.
- As a finance or legal professional, it is likely that you have given thought to your retirement funding and may be planning or have already set up an SMSF. Holding your life insurance policies through your SMSF can have major tax benefits, with the right structure effectively making your premiums tax free. Some insurance companies allow you to link policies together inside and outside of your SMSF to take advantage of premium discounts.
- Not all life insurance policies can or should be held by an SMSF and there can be some pitfalls, so it's vital to seek advice on structuring your insurance cover if you are not familiar with all the rules.
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