INCOME PROTECTION INSURANCE
INCOME PROTECTION OR ACCIDENT AND SICKNESS INSURANCE?
Insurance for accident or sickness – injury and illness
Accident and Illness Insurance or Injury and Illness Insurance or Accident and Sickness Insurance? So many different names for the same thing; it’s enough to make a Tradie want to forget organising their insurance and get back on the tools. But when your whole financial structure is normally dependent on your ability to earn an income it is important that you read the information below and understand the benefits of protecting your income with the right insurance cover to suit your needs.
WHAT IS INCOME PROTECTION INSURANCE?
24/7 cover for you
Sickness and Accident Insurance (or Income Protection Insurance – you get the idea) covers tradesmen 24/7 whether you are at work, at home or kicking the footy in the park with the kids.
Up to 5 years financial benefits
Tradesure Injury & Illness Insurance provides up to 5 years of financial benefits if you have an accident and up to 2 years financial benefits if you get sick and can’t go to work.
Covers you at work and home
Unlike WorkCover, Income Protection Insurance covers more than just work related incidents. Many Tradies think that Sickness and Accident Insurance will only covers them while they are at work. However, Income Protection is a 24/7 insurance policy which covers tradesmen if they fall off a ladder at home, hurt themselves kicking the footy with their kids or are stricken by serious illness.
A regular income while you recover
For tradesmen, Income Protection Insurance provides continued regular income while they take time off to recover. In some cases, it allows them to employ people in their business as they may not be able to rely on business profits for income.
Can you survive 6 months without any income?
At Tradesure we often ask tradesmen how they would cope if they were off work for six months. Would they have enough savings to cover the cost of the rent, mortgage or car payments or their most basic living expenses?
INCOME PROTECTION INSURANCE AUSTRALIA
You insure your car . . . What about your body?
Injury & Illness insurance can be the most important insurance cover a tradesman can have. Tradesmen readily have commercial vehicle insurance and tools insurance but they’ll often overlook covering themselves against sickness and accident which can prevent them from earning an income for significant periods of time.
But it will never happen to you . . . right?
Many Tradies have never really thought about it, and they soon realise that they can’t afford to have an “it’ll never happen to me attitude”.
As you get older the risks increase
Sickness and ill-health increases with age and experience has shown that many self-employed tradesmen particularly over the age of 45 years will be out of work for around three months or longer, at some time during their working life.
It may be a requirement
While it is not a universal requirement, some tradesmen are not allowed to enter a work site without Personal Income Insurance, while others may not be paid by the contractor if they don’t have a current Income Protection Policy in place to comply with the terms of their contract.
SICKNESS AND ACCIDENT INSURANCE
Approvals are needed
Applying for and being accepted by the insurance company for Sickness and Accident Insurance requires the completion of a brief health statement. Approval time is usually 24 hours, however on occasions we have achieved urgent Accident and Sickness Insurance approval within a couple of hours.
7 out of every 10 claims are for sickness
Income Protection Insurance comprises two basic policies: Accident Only or Sickness and Accident; and at Tradesure, we strongly recommend the latter. Statistics consistently indicate that approximately 7 of every 10 Sickness and Accident Insurance claims are the result of sickness.
It really is affordable
An Income Protection Policy specifically for tradesmen and subcontractors, start from a low $40 per month and the premium may be paid monthly through Premium Funding (Additional charges apply).
Give us a call
To get the best Income Protection Insurance for you, simply give us a call and talk to a Tradie expert on 1800 872 331. Easier still, you can fill in a form for Income Protection Insurance Quotes.