Engineers invest significantly in their qualifications, specialist capability and professional standing. But what happens when their ability to earn an income is disrupted?
Many engineers see their profession as more than a job. Engineering becomes part of an engineer’s identity: a way of looking at and understanding the world.
But engineering is also a career, and sometimes that career is disrupted by unforeseen events. An engineer who has to negotiate this misfortune, however, does not cease to be an engineer simply because they are forced out of the workplace for a period.
And that, explains Nikki Kitching, Senior Business Development Manager at PPS Mutual, is why it’s so important for engineers to understand their income protection options.
“To be a qualified engineer takes years of study at university, and only a few people from the general population do this,” he said.
PPS Mutual is designed exclusively for professionals who have invested years of study, dedication and significant personal resources into achieving their qualifications. As a result, when a client takes out Income Protection with PPS Mutual, they are insured alongside a membership base of similarly eligible professionals, creating a unique risk pool built around education and professionalism.
Protecting what you’ve earned
Due to their extensive training and expertise, an engineer’s greatest asset is often their strong ability to earn an income. An income protection plan such as PPS Mutual’s Income Protection Select (IP Select) can help protect against the financial impact of illness, injury or disability that interrupts that ability.
According to Kitching, an important feature of IP Select is the way disability is assessed throughout the life of a claim. For members with a benefit period to Age 65, claims under IP Select continue to be assessed under an Own Occupation definition, subject to the member’s adherence with any Recovery Plan requirements.
By providing an Own Occupation definition through to age 65, IP Select is designed to support professionals throughout their working lives and recognise the value of the careers they have worked hard to build. It also gives members greater certainty about how disability will be assessed at claim time, reducing the need to consider how a change in occupation definition could affect their future claim eligibility. This feature is currently unique in the Australian retail income protection market.
“Engineers have invested significant time, effort and financial resources into building their careers,” Kitching said.
“When illness or injury strikes, most want the opportunity to recover and return to the profession they are uniquely qualified for, allowing them to continue creating value and advancing their careers.
“This is where the Recovery Plan plays an important role. Where appropriate, PPS Mutual works closely with members to support their recovery and return-to-work journey, with the goal of helping them return to their profession and resume their careers whenever possible. The ongoing Own Occupation assessment provides certainty around how disability is assessed, while the Recovery Plan focuses on achieving the best possible recovery and vocational outcomes for the member.”
Supporting a return to professional work
For an engineer, professional value extends well beyond a particular job title. The technical knowledge, problem-solving skills and experience developed throughout their career can often be applied across consulting, project management, education, advisory work and other professional roles.
This can be particularly important when illness or injury prevents an engineer from returning to the same duties they performed before becoming disabled. While they may no longer be able to work in a field-based or physically demanding position, they may still have the expertise and experience to contribute in another capacity.
“Recovery does not always mean returning to exactly the same role,” Kitching said. “For some engineers, it may involve applying their skills and experience in a different professional setting.”
PPS Mutual’s Career Change Transition Benefit recognises that returning to work may sometimes involve moving into another occupation.
Where PPS Mutual supports the Member’s return to work in a new occupation and the relevant plan conditions are met, a monthly benefit may continue for up to 12 months while the Member transitions into their new role, taking into account the income they earn in that occupation.
“For example, an engineer who can no longer perform site-based duties may be able to transition into consulting, project management, training or an advisory role,” Kitching said.
“This benefit can provide financial support during that transition while recognising that their professional qualifications and experience continue to hold significant value.”
Owned by members
The professionals who purchase plans from PPS Mutual are more than customers. As Members of the only retail life insurance mutual in Australia, the company’s planholders are also the company’s owners.
That means PPS Mutual is different to other insurers.
“Unlike retail life insurers, PPS Mutual is owned by its Members, not shareholders,” Kitching said.
“That means the value created within the business can be directed back towards benefiting our members, creating a unique alignment between the insurer and the people it protects.”
“If an engineer wants to review whether their current income protection is still fit for their professional duties, they should recognise the importance of consulting with a PPS Mutual Accredited Adviser.
The same way an engineer must be educated to do their job, our advisers have to be educated in our products to advise on PPS Mutual plans.
The information contained in this article is of a general nature and does not take into account your objectives, financial situation or needs.
For more information on PPS Mutual’s advised insurance options for engineers and other professionals, visit the website.
