Avant Life Insurance

Avant is a provider of insurance and professional cover for medical practitioners. Avant life insurance policies are only available through a financial adviser. Although Canstar does not provide comparisons or ratings for Avant life insurance policies, we have outlined some key features below.

What life insurance products does Avant offer?

Avant offers a suite of life insurance products including:

  • Income Protection: Provides financial aid if you are prevented from practising in your own specialty by illness, injury or litigation. You can receive up to 75% of your regular income each month.
  • Life and Total and Permanent Disablement Cover: Provides a lump sum benefit in the event of your death or when an illness or injury permanently prevent you from practising in your own specialty.
  • Trauma and Children’s Cover: Provides you with financial resources for lifestyle or career adjustments to help you recover from a major health trauma. You can add Children’s Cover to help you care for your child.
  • Practice Expense Cover: Covers your everyday business expenses associated with running your practice in the event of illness or injury.

What features does Avant life insurance offer?

Some optional and built-in benefits of an Avant Life Cover policy may be:

  • A lump sum payment to your beneficiaries upon your death or diagnosis of a terminal illness
  • An immediate payment of $25,000 following your death
  • An unlimited amount of life cover is available to suit your needs and the needs of your practice
  • You can increase your cover up to 25% per year, without the need for medical tests
  • Your life cover will be automatically reinstated six months after a claim being paid on a linked TPD or Trauma plan
  • Your life insurance will cover you 24/7 anywhere in the world.

How to apply for Avant life insurance 

You can apply for an Avant Life Cover policy by contacting Avant over the phone. Avant will then refer you to an insurance advisor who will answer your questions, outline your available options and provide you with a quote.

Your insurance advisor will also assist you with the completion and submission of your application, which includes questions about your health, financial situation, lifestyle and pastimes.

Eligibility to apply for Avant life insurance

At the time of writing, to apply for Avant Life Cover you must be:

  • An Australian resident
  • 20 to 70 years old 
  • A registered medical practitioner

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Avant Life Insurance FAQs

Avant says the cost of your life insurance premiums are calculated based on the following considerations:

  • The level of cover you require
  • Whether you select stepped or level premiums
  • The frequency of your premium payments
  • Your current age
  • Your gender
  • Your lifestyle and pastimes you participate in, such as whether you are a smoker
  • Your occupation
  • Your state of health
  • Any extras and inclusions such as TPD or trauma cover

Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to the Australian Taxation Office (ATO). Ask your tax accountant or financial adviser for more details on this. 

The ATO however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

You or your beneficiaries can lodge a claim by contacting Avant over the phone, via email or through your insurance advisor. Avant says that you should notify them of your claim as soon as reasonably possible.

In addition to a signed and completed claim form, Avant says that you may also be required to provide the following:

  • Your plan schedule
  • Evidence confirming the claimable event or condition and when it occurred
  • Supporting evidence from an appropriate specialist independent medical practitioner registered in Australia or New Zealand if the claim is for illness or injury
  • Any investigations relating to your claim, such as clinical, radiological, histological and laboratory evidence for illness or injury claims
  • Evidence of your regular occupation and duties
  • Proof of your age. 

Avant charges stepped premiums, which increase as you age, or level premiums which remain the same until the anniversary date following your 65th birthday.

When you apply for Avant life insurance, your insurance premium is calculated based on your chosen benefits and level of cover as well as factors such as your age, your occupation, your gender, whether you smoke, your health, family history and whether you engage in hazardous activities.

The cost of your stepped policy is recalculated each year on your policy’s anniversary, so your premium may increase for your particular age bracket or your occupation category.

At the time of writing, medical tests are not required to apply for Avant life insurance. However, in the event of a claim, Avant may require additional evidence or do a full review of your medical records.

After buying an Avant life insurance policy, you can apply to increase the amount of your cover at any time. Your application to increase your cover will be subject to eligibility criteria, however, through the Futures Needs Guarantee benefit,  you may increase your insured amount by 25% each year without having to updated medical and lifestyle information for assessment. Changes to your level of cover can be made after personal or professional life events, such as the birth of a child or admission into a specialty training program.

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to result in you having to pay a higher insurance premium.

It depends on the condition and policy you decide to take out. When applying for Avant life insurance, you must disclose any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues.

Avant is an Australia medical defence organisation that has been operating since 1893. Avant currently represents over 78,000 medical practitioners and medical students across the country. According to its website, Avant has the largest specialist medico-legal defence team in Australia.

Written by: Eliza Parry-Okeden | Last updated: November 21, 2019