Through Australian life insurer NobleOak, engineers can design a financial future that’s as stable and well-planned as the systems they create.
An engineer designing a railway bridge doesn’t leave structural integrity to chance.
Every measurement, material and environmental factor is accounted for, with worst-case scenarios modelled long before construction begins.
Yet when it comes to financial security, even professionals in the most risk-conscious industries can overlook their own exposure.
Like engineering, life insurance is about preparing for the unexpected, said Peter Tilocca, Head of Underwriting at leading Australian life insurer NobleOak.
“As an underwriter, the first question is always, ‘What’s the problem we’re trying to solve?’,” he said.
“Once you’ve worked that out, you start looking at your next step from an analytical perspective. So, what are the products that I need to cover me? How long do I need them for? Do I need just the core products or do I need to get some of the extras or ancillary benefits?
By leveraging the awareness, precision and strategic thinking they apply to their work, engineers can work with insurers to craft a life insurance package that is tailored to help safeguard their family’s futures.
Dimensions of risk
Risk assessment tends to be second nature for engineers. From project planning to implementation, they are acutely aware of potential threats and the system design needed to mitigate them.
A well-structured life insurance plan applies the same principles to financial security. At NobleOak, risks are typically evaluated across four key areas, said Tilocca:
- Medical risk – Existing or past health conditions that may affect longevity or disability
- Financial risk – Ensuring coverage levels are right for your circumstances so you’re not overpaying
- Occupational risk – Job-related hazards, such as working at heights or handling dangerous materials.
- Avocational risk – Higher-risk hobbies like scuba diving, mountain climbing or skydiving
Some professionals assume their superannuation’s default life insurance is enough to safeguard against risks like these, but that may not be the case.
“Covers are typically low and are unlikely to be sufficient in a worst-case scenario where you need an income stream that will ensure your loved ones are financially free,” he said.
“We’re not trying to make people rich through the misfortune of someone passing away, but people do need income to maintain their lifestyle.”
He also stressed that life insurance goes far beyond life cover (also known as death cover).
“For example, under that umbrella of life insurance, you’ve also got cover for short-term and long-term disability. So, if you become permanently disabled and aren’t able to ever work again, TPD pays out a lump sum. If you are temporarily disabled, income protection can pay you a benefit of up to 70 per cent of your income for the benefit period you choose.
“Then you’ve got trauma or critical illness cover, which pays a lump sum on the diagnosis of certain medical conditions. For example, if you were diagnosed with cancer, it will pay you a lump sum benefit to help you and your family get through that tough period where there are typically higher expenses and time off work.”
Adapting to shifting circumstances
With life expectancies rising and many people choosing to have children later in life, an increasing number of adults are balancing care responsibilities that include both school-aged children and elderly parents. For this cohort, putting plans in place for the worst-case scenario becomes even more crucial.
“Look at where you are in your financial timeline,” Tilocca said. “Are you buying your first house and raising young children, or are you at the other end of the scale with a paid-off mortgage, thinking about how you could support the people who rely on you if you weren’t around?”
Despite common misconceptions, most people can access life insurance – even those with high-risk jobs or medical conditions.
“The number of applications we decline outright is very, very small. Even though you may be in a dangerous occupation or you’ve had a health incident in the past, we have ways and means of trying to provide you with coverage, even if there are potentially altered terms.”
A risk management partnership
NobleOak and Engineers Australia share a fundamental commitment to risk management.
Just as no engineer would sign off on a project without assessing hazards and vulnerabilities from every angle, life insurance should not be left to chance.
Through NobleOak, Engineers Australia members can access fully underwritten life insurance cover with lifetime discounts of 12 per cent on life cover and 10 per cent on income protection.*
Engineers understand risk better than most – now it’s time to apply that mindset to protecting their financial future.
Engineers Australia members can access special lifetime discounts on NobleOak’s award-winning life insurance. Get a quote today.
Any financial product advice is general in nature only and does not take into account your individual circumstances, objectives, financial situation, or needs. Before acting on it, please consider the appropriateness of the information, having regard to those factors. Persons deciding whether to acquire or continue to hold life insurance issued by NobleOak Life Limited should consider the relevant Product Disclosure Statement and Target Market Determination for the product. NobleOak Life Limited ABN 85 087 648 708 AFSL 247302.
*Lifetime discount – Engineers Australia members are entitled to a 12 per cent lifetime discount on NobleOak’s standard Premium Life Direct premium rates for its term life cover (12 per cent discount applies to term life cover only). Engineers Australia members are entitled to a 10 per cent discount (which remains for the life of the cover) on NobleOak’s usual premium rates for its Income Protection cover with Premium Life Direct. Income Protection Insurance premiums are generally tax deductible.
