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Income Protection for Tradesmen


Prevention of Injury and Illness

If you are a tradesman then chances are that you protect yourself while on site and ensure that no injuries occur due to which you have to stop working for a few weeks. However; have you ever considered what will happen if you are injured while anywhere else other than work? Have you ever considered what will happen if you fall ill either at work or elsewhere? Since nobody can ensure 100% safety and prevent injuries or illnesses permanently; it is important to have a plan of action in case you are injured or ill due to which you suffer loss of income temporarily.

 

Statistics

The Australian Bureau of Statistics states that men are more likely to suffer injuries than women. This may be because of various reasons such as men are more likely to work in potentially dangerous environments or more men work than women. In addition, this organization states that as of June 2006, 6.4% of the Australian population suffered one or more injuries at work. This number totals up to a large figure of 690,000 individuals.

 

Protecting Yourself and Your Family

Everyone who has dependants aims to protect their family and close ones in every way they can. People with young children, elderly parents, a home maker for a partner or pets often fear that sometime in the future, they may not be able to work for a few week or months due to severe health problems. While it is nearly impossible to avoid injuries or illnesses of any all kinds; it is definitely possible to be prepared for the worst by insuring yourself. Purchasing an income protection insurance plan that gives you financial stability and additional benefits is an economical and practical way of protecting both yourself and your family from financial upsets that may occur in your lifetime.

 

Income Protection Insurance Benefits for Tradesmen

Other than receiving a large part of your pre-tax annual income towards compensation benefits you are eligible to receive a myriad of other benefits as well. The basic compensation payment can total up to 75% of your annual income and additional superannuation benefits, you may also be eligible to receive a transplant surgery benefit, accommodation benefit rehabilitation costs benefit, disability benefit, cheap additional plans and a death benefit. A day one claim benefit may be offered for free or for a nominal fee. Some of the cost effective additional plans you are likely to be offered include total and permanent disability insurance, trauma insurance and funeral insurance. The number of benefits you receive will depend on the agreement, the term, the waiting period, the benefit period and the premiums you pay to the insurer. Since all insurers in Australia offer a waiting period with each policy you will have to wait for a few days to enjoy the provided benefits. If you do not want to wait to enjoy the given benefits then you may want to make use of the day one claim benefit.


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