How can tradies utilize income protection insurance?
Income protection insurance is one of the two main types of insurance that tradies need. Working on a construction site often requires income protection insurance, so it is important to understand how it works and how it can benefit you.
It is often mandatory for tradies to have Income protection insurance before entering a risky building site, which is not the case with many other professions. As you work in an occupation that has a high rate of work-related injury, your insurance premiums can be higher than other people’s, too.
If you need an income protection quick quote, you can get it here. Read on to get more information and ways you are benefited from an income protection insurance quote
Tradies are cognisant of the dangers associated with their work. Thus, Aspect Income Protection insurance is designed to replace up to 85% of your income if you are unable to work due to injury or illness. It covers you irrespective of whether you’re an employee, contractor, or self-employed, regardless of whether you are injured at work or outside of it.
As soon as your claim is accepted, you receive a monthly benefit from income protection, whether you’re fit and able to return to work after your benefit period ends (you can choose when this happens) or after you reach a certain age (usually 65 to 70 years old).
Tradies cannot rely on worker’s compensation as sole traders/proprietors or members of a partnership are not considered workers. They also cannot take out workers’ insurance to cover themselves for injuries. Moreover, workers’ compensation can only cover you for an injury or illness related to your job; it does not cover a serious illness or injury outside of it. Thus leveraging all benefits of purchasing income protection insurance online quote is a sensible option.
Rather than focusing on the cost of income protection insurance, tradies can consider the benefits and utilize their benefits. It may seem expensive to some to get income protection, but imagine if you were uninsured and unable to support your family. Your life insurance premium is determined by your age, smoking status, type of work, and more, as with most other products.
Tradies would do well to review which combination of the sum insured, benefit period, and the waiting period is affordable yet still provides adequate cover, and remember that Income Protection premiums are generally tax-deductible. The superannuation fund, as an alternative, may allow you to own Income Protection insurance.
It is vital for tradies to have income protection insurance, not only to protect themselves in case of injury or illness but also to provide financial security for their families. When searching for income protection insurance, it is a good idea to obtain a few quotes first. Any financial adviser can provide quotes, but most tradies agree that it’s best to find one who specializes in tradesman’s insurance.
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