Displaying items by tag: Income protection

Life still goes on, even in the middle of a Pandemic.

Yes, it makes perfect sense to think about life insurance today - especially today - because life still happens to us all, all the time, even during difficult times.

One of the dangers of living through difficult times (and the LGBTI Community is no stranger to surviving difficult times) is we can sometimes fixate on the biggest issue and ignore the most important issue - our life, love, and relationships continue regardless.

Our innate adaptability can lead many LGBTI couples to embrace wildly different financial goals, styles and circumstances in our partners.

Published in Blog
Thursday, 05 March 2020 08:13

Women living with HIV in Australia

Women living with HIV in Australia

Today, about 10% of people living with HIV in Australia are women; yet they continue to be conspicuously absent in most of the HIV prevention messages.

The reported experiences of women living with HIV can be very different from men.

Many women navigate their treatments and their daily lives differently from their male counterparts.

Published in Blog
Saturday, 28 December 2019 13:12

Six power money decisions for Gay Couples

Six power money decisions every LGBTI couple needs to make

If you’re part of a gay couple, here’s 6 power money decisions that help LGBT couples get on the same page financially, and stay on track together.

Because who wants to spend a lifetime arguing about money, right?

Published in Blog

Can I take out Income Protection insurance if I have been diagnosed with well managed HIV?

Yes, you can.

  • Income Protection is also called Disability Income Protection.  The changes in names drive us crazy too). Regardless of the product name they use, all are designed to pay up to 75% of a person’s income if through sickness or injury they are unable to work.

Contact us today for more information on this specialist window of opportunity.

Published in About HIV

Can I take out Disability Income Protection insurance if I have been diagnosed with well managed HIV?

Yes, you can.

  • Disability Income Protection is usually another name for Sickness and Accident Income Protection or even just income Protection - (the changes in names drives us crazy too). Regardless of the product name they use, all are designed to pay up to 75% of a person’s income if through sickness or injury they are unable to work.

Contact us today for more information on this specialist window of opportunity.

Published in About HIV

People taking PrEP can now access all Life Insurance products in Australia, through Unusualrisks

And that's great news for everyone who's using this medication to take better control over their health.

PrEP (Pre-exposure prophylaxis) is an anti-HIV medicine taken by a person who doesn't have HIV to lower their risk of infection.

The brand name of the drug known as PrEP is Truvada and it's now listed on the PBS and subsided by the Australian Government.

Published in Blog
Tuesday, 19 March 2019 21:08

Life Insurances for People taking PrEP

Good News for Australians taking PrEP for HIV prevention.

People taking PrEP are now eligible for the full range of Life Insurance products stigma-free: if you know specialist Financial Advisor Drew Browne, the person behind unusualrisks.com.au

PrEPThis means people using PrEP can get a full range of insurance covers;

It's now all available to Australians taking PrEP - stigma and attitude free - through the specialist financial advisers behind unusualrisks.com.au

So what is PrEP?

You may have already heard about PrEP or perhaps you're looking for more information about how it affects your chances of getting Life Insurance or Income Protection cover?

Either way, PrEP is a medical breakthrough that's already playing a vital role in the efforts to End HIV by 2020.  Now the medication is listed on the PBS (Pharmaceutical Benefits Scheme), just about anyone can now get on it.

Taking PrEP is a highly effective medication for preventing exposure to HIV.

  • PrEP is an acronym that stands for pre-exposure prophylaxis. It involves HIV negative people taking antiretroviral drugs to protect them and prevent HIV infection – in just one tablet a day.
  • PrEP is, as the name implies, a pre-exposure strategy, unlike post-exposure prophylaxis (PEP), which is taken after potential exposure to HIV has occurred.
In a nut-shell:
  • Pre-Exposure Prophylaxis (PrEP) or technically more accurate, HIV Pre-Exposure Prophylaxis (PrEP), simply refers to the regular use of HIV medications by HIV-negative people to prevent them from acquiring HIV.
  • Studies also show it helps lower HIV- anxiety among its users. *JAIDS Journal 11.2019

Who is taking PrEP?

Whether exposure to HIV is through sex or needlestick injuries, there are many people using PrEP to prevent them from being exposed to HIV and taking control of their sexual health and future wellbeing. 

  • Studies show PrEP is effective but the uptake of PrEP has been slow with research showing that's partly due to Stigma and Discrimination concerns - something the team at unusualrisks.com.au understands and provides a complete solution for when you need to apply for Life Insurances or Income Protection.

In Australia, lots of people use PrEP for lots of reasons

  • Some sexually active gay and bisexual men, transgender people and heterosexual people with an HIV positive partner who doesn't have an undetectable viral load, are part of the population groups at higher risk.
  • Similarly, Medical Professionals, Police, Fire, Ambulance and Emergency Services Workers are all at higher risk of occupational exposure to blood-borne viruses through sharps and needlestick injury.

Real Life statistics

  • In Australia, approximately 30 needlestick injuries per 100 beds occur per year.
  • At least 18,000 healthcare professionals suffer from an NSI every year.
  • And 80% of reported NSIs involve a contaminated needle. The Alliance for Sharps Safety and Needlestick Prevention in Healthcare

Research shows that the medication used for PrEP is highly effective at preventing HIV transmission among these population groups.

You can learn more about PrEP here.

What's the problem with PrEP and getting Life Insurance?

Up until now, Australian's taking PrEP have faced uncertainty, stigma and discrimination from Life Insurance companies towards the use of PrEP (and routinely find they also have to be the educator about PrEP).

  • People applying for insurance through online comparison websites report completing the application with full lifestyle and medical disclosures, only to feel insulted when a formal decline is issued due to 'lifestyle considerations'
  • People applying for insurance in their Superannuation fund report being routinely knocked back (and usually after having to disclose a full medical and lifestyle history) as the insurance provider doesn't 'deal with PrEP users'.

Most insurance companies and super funds simply do not provide underwriting for people with unusual occupations, hobbies, pastimes or lifestyles - if you get what we mean. 

That's why people use the expertise of unusualrisks.com.au to get their insurances sorted - stigma-free.

How have Life insurance companies treated people taking PrEP?

The New York Times broke the story of Dr. Philip Cheng, a urologist in Boston taking PrEP and being denied full insurance cover until he stopped taking, Truvada (the pharmaceutical brand name for PrEP) to prevent HIV infection.

When American News is not accurate for Australia

Today as many people get their news from the internet, the growing risk is it may not always be relevant in Australia.

  • Many American Life Insurance companies take a discriminatory approach to how they underwrite the use of PrEP and outright deny any form of insurance coverage.

  • Many Australian Life Insurance companies and Super funds formerly decline applications for insurance by people using PrEP and discriminate in a similar way against people with well managed HIV or Diabetes.

Good news for Australians taking PrEP

The good news is Australian's using PrEP and who need Life Insurance or Income Protection, now have a clear pathway to getting their cover sorted - stigma and discrimination free - through unusualrisks.com.au

Where to now?

  Learn more about how our process works. See How It Works.

  Have more questions? See Frequently Asked Questions.

Published in Services

Can I take out full Sickness & Accident Income Protection insurance if I have been diagnosed with well managed HIV?

Yes, you can.

  • Income Protection insurance can pay up to 75% of a person’s income if through sickness or injury they are unable to work.

Contact us today for more information on this specialist window of opportunity.

Published in About HIV

Meet Naomi - nurse, single and super mum

Blood borne virus exposure insurance for nurses and doctors

Naomi is an experienced accident and emergency nurse with more than 5 years experience working in the surgical wards and in and around potentially dangerous medical workspaces.

She is used to managing chaos and moody teenagers; she has two of her own she's hoping to put into private school next year for their senior years before they hopefully go to university.

Published in Case Studies
Tuesday, 21 June 2016 04:09

Income Protection

Protecting yourself from sickness and injury – so you can keep on earning a living.

We help people living with well-managed HIV or diabetes get complete Income Protection cover

Previously, people with complex health needs were excluded from high-quality Income Protection - now that's changed for our clients.

  • Income Protection is an insurance cover for one of the most important assets of all – your ability to continue to keep on earning a living.

Explaining Income Protection

Income Protection insurance as the name suggests is designed to protect your ability to continue to earn an income and pay up to 75% of your income if you're unable to work due to sickness or injury. It can provide cover world wide 24/7 and can even protect 100% of your employer's super contributions too.

  • The waiting period is the number of days before the income benefit payments start. It can be as short as 14 days and can be as long as 12 months (or more), whatever you choose.
  • The benefit period is the length of time you’ll receive payments while you’re unable to work due to sickness or injury. These can often be for set periods of 2 years or more, even up to age 65 (and now in some cases age 70), depending on what you choose.
  • The payment method is the way you agree to pay the insurance premiums. These can be from your personal funds, perhaps from your super fund or even a combination of both, depending upon whatever you choose.

There are so many different options available with Income Protection.

Your financial advisor from unusual risks is the expert to best help you understand your options and cut through what can often feel an overwhelming process to find your unique solution.

Practically speaking - always protect what you cannot afford to loose

Case Study

Meet Leanne and Jenni: corporate professionals who, like most Australians, rely upon their weekly wages to maintain their lifestyle.

Leanne had a back injury that over time deteriorated into a herniated disk in her lower back and she needed to claim upon her income protection insurance.

This is how Leanne's income protection was useful in three different ways;

  • While needing to part time with reduced hours due to the injury, her income protection insurance helped cover the part time loss of wages.
  • A year later when the doctors decided a surgical solution and Leanne was unable to work at all her income protection helped cover the full-time loss of wages while surgery, recovery, and rehabilitation occurred.
  • After successful surgery and rehabilitation, Leanne returned to work, initially part-time. Her income protection insurance again helped cover the part time loss of wages until she was able to full return to work and continue her normal job. At that point, her income protection stopped and life returned to a new type of normal.

Having access to flexible income protection, Leanne was able to take time off work as she needed and have her income continue to meet her mortgage, car loans, manage credit cards and plan a way through with financial certainty.

In an unrelated incident the following year while cleaning a blocked gutter in the rain, while standing on a wheelie bin, Leanne slipped and broke her leg and was off work again - and her income protection commenced again as it was needed.

Why you may need income protection

The financial engine of our lifestyles is our continuing ability to earn our incomes.

Over the course of a lifetime, most people will earn a small fortune (and rely upon their super contributions for their ability to eventually retire).

Quick Tip: Just multiply your current annual income by the remaining years until you reach age 65 (retirement age) and you’ll see what you really have at risk if you lose your ability to earn an income.

Protecting your ability to continue to earn an income makes clear financial sense.

It’s especially relevant for:

  • Single people who might not have strong family or relationship support
  • People in relationships depending upon dual incomes
  • People with ongoing debts, like a mortgage, rent, credit cards and personal loans that couldn't be paid if they were unable to work due to sickness or injury.
  • People who have regular family expenses like food, household bills, council rates or strata fees, school fees, vehicle costs (and perhaps child support payments or IVF treatment costs) and who don't have immediate access to substantial savings to use to replace their lost income if needed
  • People who want an effective backup plan in place if one (or both of their incomes) were to stop due to sickness or injury

A special note for self employed people:

Self employed and business people have different needs and restrictions on their incomes so if that's your situation, relax, the professionals behind/from Unusual Risks Insured can talk you through your special options too.

Real Life Statistics

  • 20% of all mortgage defaults in Australia are ‘due to illness or accident in household' Mortgage default in Australia: nature, causes and social and economic Impacts, Australian Housing and Urban Research Institute, March 2010

How it works together with other insurance covers

This is how Income Protection works alongside Total and Permanent Disability.

  • Income Protection insurance is designed to protect up to 75% of your income your after a waiting period of your choice, while you cannot work due to sickness or injury.
  • TPD insurance is designed to protect against long term disability and pay a lump sum after 6 months wait if you become permanently disabled, as defined in the policy and you can no longer work in your current occupation.
  • Crisis Recovery insurance is designed to pay an immediate lump sum to help offset short-term unexpected medical expenses should you suffer a medical crisis specified in the policy, to help stabilise debt obligations and personal cash flow.

Together they can protect you against short term interruption in your ability to go on earning your income and long term permanent disability when you meet the conditions of both insurances you can receive both benefit payments

Questions people ask about Income Protection insurance

Take a look at some quick questions people ask about Income Protection.

Income Protection 101

What is it?

Income Protection Insurance provides a regular payment in place of your income if you’re unable to work for extended periods due to injury or illness.

  • Income Protection can protect up to 75% of your earned income if your sick or injured and can't continue to work in your current job.

How it helps you

Income Protection can help get you through a difficult period, without having to eat into your savings or rely on outside help – so a temporary setback to earning your income doesn’t put you behind for years.

What's the chance of needing it?

  • There is a 1 in 4 chance of needing to claim for Income Protection insurance during your working life.

It can pay you for as long as you remain temporarily disabled and unable to work, as specified in your policy and depending on the policy, can also replace your super fund contribution, so your retirement savings can keep growing even while you’re unable to work.

Where to now?

  Learn more about how our process works. See How It Works.

  Have more questions? See Frequently Asked Questions.

  Ready to know if we can work with you? Take our Anonymous Pre-assessment.

Published in Services



Take Our Anonymous Online Pre‑assessment

Find out in 60 seconds if your personal situation is one we can work with.

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Whatever your situation, we can help you

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