Our society comprises positive-thinkers who are of the impression that our lifestyles are good and will never change as long as we continue to balance work and play. This perception is enviable. However, hurdles can be lurking around any corner, ready to pounce and inhibit the ability to work and survive.
What should midwives know about income protection insurance?
Income Protection Insurance in New Zealand is grossly under-utilised with only 11% of us bothering to take it out. This could be due to the ‘it-won’t-happen-to-me’ attitude mentioned above, or perhaps the perception that it is too expensive to contemplate. However, there are a few things worth considering:
- You are far more likely to become ill, rendering you unable to work, rather than be in an accident or die.
- They can pay as much as 75% of your income for as long as you need (up to 65 years old)*.
- It can cover redundancy.
When would a midwife make an income protection insurance claim?
This article particularly addresses all midwives as this profession is consistently in the limelight (or firing line) in the media. Whenever a profession is risky, is under scrutiny by the government and media, and is dependent on unpredictable customers, the assurance of employment can be questionable. A midwife may require financial help, for example, when a death occurs resulting in an investigation, when they are struggling for customers, or when they are overwhelmed by the job or suffering from an illness. There are no guarantees in life, and it seems there could be fewer considering the professional hurdles midwives face.
Why should midwives get income protection insurance?
If these regrettable situations arose for midwives, it would be difficult particularly when finances were tight. Midwives should consider Income Protection Insurance for a few reasons but especially if they are Independent and not backed by a professional body. Emotional parents can unjustly target midwives and if you are independent and under review, you may need financial help. There are also insurances packages that are tailored to midwives making them affordable. Likewise, consider the harm an emotionally stressful job can have – sometimes this could mean time off which results in loss of income. Income Protection Insurance is a must!