• Practising Doctor
    family



  • After years of training you are finally seeing the fruits of your labour as an established doctor. By this stage in your life, you probably also have a mortgage with a growing family who are financially dependent on you .

    When you have the responsibility of a family to look after, life insurance may no longer seem optional. The question now is, what type of insurance cover is right for you?

    The risks you face

    It goes without saying that your income is vital to support your family and your future. If you’re lucky, you may have access to a pool of savings, however, when you add up the mortgage repayments, school fees and your day-to-day living costs, it is unlikely these savings would be sufficient to realise all your families future plans. So if sudden illness or injury prevented you from working, how would your family cope? What would they do if you died suddenly? Would they need to sell the house, move suburbs and schools?

    It makes sense to protect your income and ensure your family can at least repay the mortgage in the event of your death. However, as a doctor, you would be aware that with each passing year, there is also an increased risk of suffering a major health trauma, such as cancer, heart attack or stroke.

    While medical breakthroughs are seeing the survival rate of such conditions increase all the time, there is still the significant downside of facing an extended or permanent period out of the workforce, as well as out-of-pocket medical expenses.

    By this stage in your life you have the most to lose and the most to protect. You need to make sure you and your family are protected.

  • Are you a practice owner or partner? Find out more.

  • Income Protection Insurance


    When illness, injury or litigation prevents you from practising in your own specialty, Avant’s Income Protection insurance supports you, paying a monthly benefit up to 75% of your regular income.

    Things to consider when taking out Income Protection cover

    Monthly sum insured

    Your monthly sum insured is used to determine the monthly benefit payment you will receive if illness or injury prevent you from working in your chosen medical specialty. Your Income Protection plan gives you the flexibility to choose the monthly sum insured that best fits your needs or that you can afford, within defined limits.

    You can select any monthly sum insured up to the limits in the following table.

    Your annual income Maximum monthly sum insured
    Up to $320,000 75% of your monthly income
    Between $320,000 and $560,000 $20,000 per month + 50% of your monthly income above $320,000 p.a.
    Between $560, 000 and up to $2,200,000 $30,000 per month + 20% of your monthly income above $560,000 p.a.
    Above $2,200,000 $60,000 per month


    For the purposes of calculating your annual income, you can include all income derived from your personal exertion less your share of eligible business expenses necessarily incurred in generating that income. For employees, this is your total remuneration package and includes salary, regular overtime, superannuation contributions, bonus payments and any other fringe benefits or compensation.

    If your spouse is employed in your business primarily for income splitting or taxation purposes, you may select a monthly sum insured based on the income you actually generated including the benefits paid to your spouse.

    Protection for your retirement

    You can increase protection by up to an additional 10% of your monthly income, to a maximum benefit of $2,667, to ensure your superannuation savings continue to grow should illness or injury prevent you from working in your chosen medical specialty.

    The maximum monthly sum insured available is $60,000 including protection for your retirement, plus any increases applicable under the Cover Indexation feature. Any monthly benefit paid will be capped at $30,000 per month after two years.

    Waiting period

    Your waiting period is the time between when you are first unable to work at full capacity and when your benefit payments will commence. Avant’s Income Protection allows you to select from a number of different waiting periods so you can choose one that best matches your needs. As your financial resources increase, you can choose to lengthen your waiting period at any time and reduce your premium.

    You can choose a waiting period of:

    • 30 days
    • 60 days
    • 90 days
    • 180 days
    • one year
    • two years.

    Premium structure

    To help you better manage your cash flow, you have the choice of two premium structures – stepped or level.

    As a general rule, if affordability today is your primary concern, such as when you’re an intern or Doctor in Training, stepped premiums will allow you to purchase what you need today for less money. However, if you intend to retain your Income Protection plan for the long term, level premiums may save you money and your premiums may become increasingly affordable over time.

    Stepped premiums

    If you select stepped premiums, the amount you pay will generally increase at each plan anniversary date based on your age at the time of increase.

    Level premiums

    If you select level premiums, the amount you pay will be based on your age at your plan commencement date. Your premiums will remain the same until the plan anniversary date following your 65th birthday when they will convert to stepped premiums. Until this time, your premiums will only increase if you increase your monthly sum insured or Cover Indexation is applied.

    Income Protection premium diagram

    Changes to premiums

    The underlying premium rates for both stepped and level premiums are not guaranteed. However, once your Income Protection plan has commenced, you will never be singled out for a premium rate increase. Any increase will be applied to all plan holders to whom the same premium rate applies, after 30 days’ written notice.

    Plan ownership

    Legislation and taxation are often changing and there may be tax and/or cash flow reasons that make it beneficial for you to fund your Income Protection plan individually, through a company, partnership, trust, or through superannuation. The choice is yours.

    The three ownership options available under Income Protection are:

    1. individual ownership – this can be you or an individual aged 18 or over who is an Australian resident and has an insurable interest in the life of the insured person
    2. ownership by a registered Australian corporation/partnership/family trust which has an insurable interest in the life of the insured person
    3. ownership by the trustee of a Self-Managed Super Fund (SMSF) of which you are a member.

    Super splitting

    Many of the benefits and features of Avant’s Income Protection cannot be offered within superannuation due to legislative restrictions. To ensure you still have access to the full range of benefits whilst utilising superannuation, we have created the Super Splitting Option which allows you to purchase the same fully featured cover. It does this by splitting your cover into two plans – one within superannuation (‘Income Protection Super’) and one outside (‘Income Protection Super Linked’). If you choose to do this, you must purchase both plans.

    Income Protection Super diagram
    • SIS Act - cover allowable under the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) will be owned by the trustee of the SMSF with the remaining cover owned by you.

  • For full terms, conditions, limitations and eligibility please refer to the relevant Avant Life Insurance Product Disclosure Statement(s) which are available by calling us on 1800 128 268emailing us at avantlife@avant.org.au or schedule an appointment with one of our advisors.
  • Life and Total and Permanent Disablement (TPD) cover


    In the event of death, or when an illness or injury permanently prevent you from practising in your own specialty, Avant’s Life and TPD Cover provides a lump sum benefit.

    Things to consider when taking out Life and TPD cover

    Sum insured

    Your sum insured is used to determine the lump sum benefit payment you or your loved ones will receive upon death, the diagnosis of a terminal illness or an illness or injury that results in a permanent disability. Life Cover and TPD Cover gives you the flexibility to choose the sum insured that best fits your needs or that you can afford, within defined limits.

    You can select any sum insured between the limits in the following table.

    Plan type Minimum sum insured Maximum sum insured
    Life Cover $50,000 Unlimited
    TPD Cover $50,000 The lesser of:
    • $5,000,000; or
    • your Life Cover sum insured.
     

    Premium structure

    To help you better manage your cash flow, you have the choice of two premium structures – stepped or level.

    As a general rule, if affordability today is your primary concern, such as when you’re an intern or Doctor in Training, stepped premiums will allow you to purchase what you need today for less money. However, if you intend to retain your Life Cover and/or TPD Cover plan for the long term, level premiums may save you money and your premiums may become increasingly affordable over time.

    Stepped premiums

    If you select stepped premiums, the amount you pay will generally increase at each plan anniversary date based on your age at the time of increase.

    Level premiums

    If you select level premiums, the amount you pay will be based on your age at your plan commencement date. Your premiums will remain the same until the plan anniversary date following your 65th birthday, when they will convert to stepped premiums. Until this time, your premiums will only increase if you increase your sum insured or Cover Indexation is applied.

    Life and Total and permanent disablement premium diagram

    Changes to premiums

    The underlying premium rates for both stepped and level premiums are not guaranteed. However, once your Life Cover and/TPD Cover has commenced, you will never be singled out for a premium rate increase. Any increase will be applied to all plan holders to whom the same premium rate applies, after 30 days’ written notice.

    Plan ownership

    Legislation and taxation are often changing and there may be tax and/or cash flow reasons that make it beneficial for you to fund your Life Cover and TPD Cover individually, through a company or trust, or within superannuation. The choice is yours.

    The three ownership options available are:

    1. individual ownership – this can be the insured person or an individual aged 18 or over who is an Australian resident and has an insurable interest in the life of the insured person
    2. ownership by a registered Australian corporation/partnership/family trust which has an insurable interest in the life of the insured person
    3. ownership by the trustee of a Self-Managed Super Fund (SMSF) of which you are a member – for TPD Cover, your cover will be split into two plans with the cover allowable under the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) being owned by the trustee of the SMSF and the remaining cover owned by you.

    Your Life Cover plan and your TPD Cover plan can have different owners. Ownership can be transferred from one entity to another throughout the life of your plan/s with the authority of the current owner or the insured person if cover is held within superannuation. This includes moving ownership from within superannuation to outside of superannuation, or the other way around.

    Super splitting

    Many of the benefits and features of Avant’s TPD Cover cannot be offered within superannuation due to legislative restrictions. To ensure you still have access to the full range of benefits, we have created the Super Splitting Option which allows you to purchase the same fully featured cover. It does this by splitting your cover into two plans – one within superannuation (‘TPD Cover Super’) and one outside (‘TPD Cover Super Linked’).

    Life Cover can either be purchased within superannuation or outside of superannuation. Life Cover does not need to be split as you will receive the same benefits regardless of whether you purchase your plan within or outside of superannuation.

    However, if you wish to use superannuation to fund your purchase of TPD Cover, the cover provided will be split into two plans – TPD Cover Super and TPD Cover Super Linked. When combined, these two plans provide the same benefits, features and options as TPD Cover purchased outside of superannuation.

    Life and Total and permanent disablement super diagram

    • SIS Act - cover allowable under the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) will be owned by the trustee of the SMSF with the remaining cover owned by you.

    Beneficiaries

    The choice to have life insurance is driven by the desire to protect those we love. To ensure your loved ones are getting the money they need, you can nominate who you would like to receive the Death Benefit or Immediate Payment Benefit. For example, you can nominate your spouse, children or estate and the proportion of the benefit you would like each party to receive.

    If Life Cover is on your own life and you have purchased it as an individual, you can nominate who you would like to receive the Death Benefit or Immediate Payment Benefit and what their share will be. You can nominate more than one beneficiary.

    If Life Cover is taken on a life other than the plan owner’s, any Death Benefit or Immediate Payment Benefit will be paid to the plan owner.

    When there is no valid beneficiary nomination/s at the time of your death, we will pay any benefit to:

    • the plan owner if they are not the insured person; or
    • the plan owner’s estate if they were the insured person.

    If you have purchased your cover through your SMSF, any benefit will be paid to the trustee of that fund, which will be distributed under its direction. You should seek professional advice if you wish to nominate a beneficiary(ies) within your SMSF.


  • For full terms, conditions, limitations and eligibility please refer to the relevant Avant Life Insurance Product Disclosure Statement(s) which are available by calling us on 1800 128 268emailing us at avantlife@avant.org.au or schedule an appointment with one of our advisors.
  • Trauma Cover


    If you suffer a major health trauma, Avant’s Trauma Cover will provide you with the financial resources you need to make lifestyle or career adjustments to help you recover.

    Things to consider when taking out Trauma cover

    Sum insured

    Your sum insured is used to determine the lump sum benefit payment you will receive. Trauma Cover gives you the flexibility to choose the sum insured that best fits your needs or that you can afford, within defined limits.

    You can select any sum insured between the limits in the following table.

    Plan type Minimum sum insured Maximum sum insured
    Trauma - Standalone Cover $50,000 $2,000,000
    Trauma - Linked to Life Cover $50,000 $2,000,000 however no greater than the Life Cover plan that Trauma is linked to.
    Trauma - Linked to Life and TPD Cover $50,000 $2,000,000 however no greater than the Life Cover or TPD Cover plan that Trauma Cover is linked to.
    Children's Cover $50,000 $200,000

    Linked or standalone

    If in addition to Trauma Cover, you also own Avant’s Life Cover or Avant’s Life Cover with TPD Cover, you may choose to structure your cover in one of three different ways. The structure you select will affect the premium you pay and what happens to your Life Cover or Life Cover with TPD Cover, in the event of a claim under your Trauma Cover plan.

    There are three types of Trauma Cover for you to choose from:

    • Trauma – Standalone Cover
    • Trauma – Linked to Life Cover
    • Trauma – Linked to Life and TPD Cover.

    If you purchase Trauma – Standalone Cover, any claim that becomes payable under your Trauma Cover will not impact any other Avant Life Insurance plans you own.

    If you purchase Trauma – Linked to Life Cover, any claim that becomes payable under your Trauma Cover will reduce the sum insured on your Life Cover plan by the amount of the benefit payment.

    If you purchase Trauma – Linked to Life and TPD Cover, any claim that becomes payable under your Trauma Cover will reduce the sum insured on both your Life Cover and TPD Cover by the amount of the benefit payment.

    The more plans your Trauma Cover is linked to, the lower your premiums will be.

    Premium structure

    To help you better manage your cash flow, you have the choice of two premium structures for Trauma Cover – stepped or level.

    As a general rule, if affordability today is your primary concern, stepped premiums will allow you to purchase what you need today for less money. However, if you intend to retain your Trauma Cover plan for the long term, level premiums may save you money and your premiums may become increasingly affordable over time.

    Stepped premiums

    If you select stepped premiums for your Trauma Cover plan, the amount you pay will generally increase at each plan anniversary date based on your age at the time of increase.

    Level premiums

    If you select level premiums for your Trauma Cover plan, the amount you pay will be based on your age at your plan commencement date. Your premiums will remain the same until the plan anniversary date following your 65th birthday when they will convert to stepped premiums. Until this time, your premiums will only increase if you increase your sum insured or Cover Indexation is applied.

    Trauma sum insured table

    Changes to premiums

    The underlying premium rates are not guaranteed for both stepped and level premiums. However, once your plan has commenced, you will never be singled out for a premium rate increase. Any increase will be applied to all plan holders to whom the same premium rate applies, after 30 days’ written notice.

    Plan ownership

    Legislation and taxation are often changing and there may be tax and/or cash flow reasons that make it beneficial for you to fund your Trauma Cover plan individually or through a company or trust. The choice is yours.


  • For full terms, conditions, limitations and eligibility please refer to the relevant Avant Life Insurance Product Disclosure Statement(s) which are available by calling us on 1800 128 268emailing us at avantlife@avant.org.au or schedule an appointment with one of our advisors.
  • Children's Cover


    If your child suffers a medical trauma, this cover will help ensure you or a family member can afford to take time off work to care for them or pay someone who will. It also helps to ensure you can get the best medical care or treatment, and should the worst happen, that you will be able to take the time you need to grieve.

    Things to consider when taking out Children’s Cover

    Sum insured

    Your sum insured is used to determine the lump sum benefit payment you will receive. Children’s Cover gives you the flexibility to choose the sum insured that best fits your needs or that you can afford, between a $50,000 minimum and $200,000 maximum.

    Plan ownership

    Children’s Cover can be owned by any parent, grandparent or legal guardian of the insured child if they also own another Avant Life Insurance plan.

    Ownership can be transferred from one person to another throughout the life of your plan with the authority of the current owner.


  • For full terms, conditions, limitations and eligibility please refer to the relevant Avant Life Insurance Product Disclosure Statement(s) which are available by calling us on 1800 128 268emailing us at avantlife@avant.org.au or schedule an appointment with one of our advisors.