Tradespersons are more susceptible to risks and hazards as compared to other workforces. According to statistics compiled by Safe Work Australia over last 10 years, more than 3000 workers are killed whilst working at a construction industry.
There are multiple risks a tradesman is prone to including:
- Fire injuries
- Back injuries
- Toxic radiations
- Transport Accidents
- Electric Shocks
These large number of hazards has led to the development of Income Protection Insurance for tradies. Also subcontractors and tradesmen running their own business have no sick leaves or compensations making such type of insurances inevitable.
What Is An Income Protection Insurance?
Income protection insurance is a specialized type of insurance that can cover upto 75% of your income if you are unable to work due to injury or illness.
It mainly consist of three main factors:
- Benefit Amount: The amount you will get each month in case of any mishap.
- Benefit Period: The time period during which you will continue receiving benefits.
- Waiting period: The length of time you will have to wait before you start getting monthly benefits.
Is Income Protection Insurance Too Expensive?
Income protection insurances may prove to be expensive if you don’t choose them wisely.
Considering the benefits it offers, this insurance can prove to be very fruitful. Most income protection comes for less than $100 a month provided you get them from legit agencies like Tradies 365.
Let’s take a look at how buying income protection insurance can be rewarding for you as a tradie:
- Income Benefits: Income benefits can pay you up to 75% of your income in case of illness, accident or injury that may leave you unable to work. This ensures that you and your family are covered up in your hard times.
- Rehabilitation Benefits: This benefit include expenses that are involved in your recovery steps. It covers costs occurring in your physical therapy, home or workplace modifications that may speed up your recovery to join the workforce soon.
- Childcare Benefits: This policy pays a certain amount for each of your child while you are not able to work. This feature is limited to a particular age of your child and may take a form of reimbursement to be paid later.
- Trauma Benefits: These are on the top benefits. They intend to pay you added benefits in case of illness listed in the policy. These typically include fractured bones, loss of sight, loss of limb or paralysis. These benefits are paid overtime though you can also avail lump sum amount option.
- Elective Surgery Benefits: With this feature, you can get paid for elective surgeries or cosmetic procedures following an accident, injury or disability. The policy only applies on the recommendation of a medical practitioner and not otherwise.
An income protection insurance makes sure that your future is secure even in case of any accident. So what are you waiting? Get the best suitable policy for yourself today!