Displaying items by tag: Income protection

The labour of love that is altruistic Surrogacy in Australia

Altruistic Surrogacy is legal in Australia and so is paying the premiums for a Surrogates Life and Disability insurance policy.

Who’s using Surrogacy in Australia?

For many Australians, having children and raising a family is a natural and important part of their lives. But for some this dream doesn't come easily and when other avenues have been exhausted, options for surrogacy are considered.

What's our part in this journey?

We're all about protecting the parents to be and their surrogate.

We specialise in helping;

in a respectful and confidential way, with a minimum of paperwork and no need for a face-to-face meeting.

We understand not everyone understands

If you're an intended parent and part way through the roller coaster that can be Altruistic Surrogacy in Australia, you may have already spent what feels like a small fortune on medical and legal costs.

You may even have had to battle a level of ignorance and stigma from the un-informed portion of the community.

What is surrogacy?

Surrogacy (more accurately known as Gestational Surrogacy) is a form of assisted reproductive technology (ART) where a woman (the surrogate) offers to carry a baby through pregnancy on behalf of another — a person or couple, same-sex or heterosexual — and then return the baby to these intended parent(s) once it’s born.

The surrogate has no genetic link to the child she carries as her eggs cannot be used to conceive the child.

Traditionally, Surrogacy was a way only heterosexual couples, who had difficulty falling pregnant or who unable to carry a pregnancy safely, could have a child of their own.

Now a growing number of single parents and same-sex couples looking to start their own families are looking to use Surrogacy.

The uncomfortable truth and what you can do about it

Although it may not be the most pleasant thing to think about, it's true pregnancy is not without risks.

  • From early pregnancy until some weeks after delivery, the statistical reality is pregnant women have an increased risk of mortality compared with women who are not pregnant.

This is why Unusual Risks Insured provides comprehensive life insurance protection for intended parents and their surrogate .

Critical steps in keeping everyone safe

Family protection planning involves;

  • understanding the statistical realities of life, and
  • the critical role Life Insurances and Estate Planning documents (like Wills and Powers of Attorney) all contribute to building a safety net under your family's future.

We can help you with all of these critical steps.

It is important to protect everyone involved in a surrogacy arrangement against the risk of one of the adults involved unexpectedly dying or unexpectedly becoming long term disabled?

The intended parents should;

  1. arrange and pay for life insurance for their surrogate, to make sure her family is financially protected if anything happens to her as a result of the pregnancy.
  2. arrange and pay for life insurances for themselves and their future family
  3. include their future child in their current Estate Planning by nominating potential Guardians and  providing the protection of an backup inheritance from a life insurance policy in case one or both parents were to unexpectedly pass away before their child turns 21.

The Good News

We can help you with these critical steps in your surrogate journey.

We understand the complex process (and array of emotions) that can be part of the surrogacy journey, so we create solutions to fix potential problems before they ever arise so you can have more time and emotional space to enjoy the journey you’re on together.

Who we work with?

We work with intended parents who are;

  • ready to get their own life insurances sorted, and
  • ready to protect their Surrogate with the highest quality life insurances, too.

Australian Law

Laws relating to surrogacy are managed independently by different Australian states and territories.  Altruistic Surrogacy is legal in Australia as is paying for a Surrogates life insurances and disability insurance policy premiums.

Law in NSW

In NSW, the Surrogacy Act 2010 recognises certain surrogacy agreements, prohibits commercial agreements and clarifies the status of children born via surrogacy.

Section 7(3) of the Act outlines what are considered the surrogates reasonable costs associated with the pregnancy or birth as;

(a) any reasonable medical costs associated with the pregnancy or birth (both prenatal and post-natal),
(b) any reasonable travel or accommodation costs associated with the pregnancy or birth,
(c) any premium paid for health, disability or life insurance that would not have been obtained by the birth mother, had the surrogacy arrangement not been entered into...

Law in other States & Territories

Benefit from our professional privacy and expertise

We understand for intended parents, knowing how and who should best arrange high quality life insurance for their surrogate can be complicated, and loaded with privacy and practical personal concerns.

For over 20 years, the Financial Advisers at UnusuL Risk Insurfed have watched Australian legislation lagg behind the needs and demands of the community and how insurance companies have tried to quietly avoid this type of client; so were decided to be the change we wanted to see in our community.

All life insurance policies vary from company to company, as do their policy features and conditions.

  • Sadly, the attitude of many insurance companies towards what are usually short term policies, are often less than welcoming
  • Some life insurance companies deliberately tilt their policy wording towards people having pregnancy inside families, rather than outside.

As the awareness of Surrogacy increases, some insurance companies have started writing policies that only cover a pregnancy within the family, not a surrogate pregnancy.

Why work with us?

Whether you’re an intended parent or prospective surrogate, it's important you work with a specialist financial adviser who understands both;

  • the technical nuances of getting the right policy cover for you, and
  • who respects the deeply human connection involved when a person decides to be part of a surrogacy journey.

How to work with us

Our fee-for-service advice model allows us to provide Intended Parents the highest quality insurance for their Surrogate, at a wholesale price - something simply not available through traditional sources.

Additional value for a Surrogate

After the pregnancy, a Surrogate also has the option to simply take over the insurance policy (and keep its wholesale price structure) - potentially saving thousands of dollars off the standard premium rates over the length of a life insurance policy.

Where to from here?

If you're looking for additional online resources?

Make sure you're aware of these recourses:

Published in Services

Living with depression or an anxiety disorder doesn't need to stop you from getting your life insurances sorted.

Thankfully, good mental health is now becoming part of the regular conversations for many Australians.

Here are some tips to help navigate the application process.

  • About 3 million Australians are living with a form of anxiety or depression (Beyond Blue 2020) and at least 45 per cent of Australians will experience a mental health issue at some point in their lives. (SANE, 2019)
  • However, studies have also found that LGBTIQ people face up to twice as much abuse or violence than our heterosexual counterparts and that this prejudice and discrimination adds an additional layer of risk factors that can lead to depression and anxiety.
  • Research and real life experiences have found that LGBTIQ people have an increased risk of depression and anxiety, substance abuse, self-harming and suicidal thoughts.
Published in Blog

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

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

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

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
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