Whether you’re a sparkie, plumber, builder or work on a construction site, chances are your work’s more risky than an office worker. That’s why it can be important to have some form of life insurance.
From policies that cover your wage if you’re unable to work through to payouts in the event you pass away, here’s a quick lowdown on the three types of cover that could be most useful to protect you and your family financially.
Income Protection
You may love your job, but you also know tradies face more risks than other careers – and we’re not just talking about the physical dangers at work.
There’s a good chance that you’re self-employed, run a small business or work as a subcontractor. It’s one reason why Income Protection can be a lifeline for tradies.
It’s a type of life insurance that replaces up to 75% of your income if you’re unable to work because of injury or illness. You’ll receive this benefit until you’re well enough to work or until the benefit period ends – whichever comes first.
Another plus: premiums could be 100% tax deductible – a great win come tax-time. Before making any decisions about this you need to speak to your accountant about this.
Policies vary from one insurer to the next, so it’s worth comparing your options to find one that suits you.
Total and Permanent Disability Cover
Total & Permanent Disability cover – often shortened to TPD – can be vital, especially if you work in construction where the risk of serious injury is high.
TPD pays a lump sum if you suffer from an injury (or illness) that leaves you unable to work ever again.
Life cover
This is also referred to as Death Cover and pays out a lump sum if you die or are diagnosed with a terminal illness. It gives your family a financial buffer if you pass away.
That means they can pay off things such as your mortgage and keep the lifestyle that you’ve worked so hard to build for them.
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LifeInsuranceComparison
.com.au's online quote comparison tool makes it easy to get quotes from 9 Australia's biggest life insurers
Which insurance is best for you? It depends. Everyone’s different. A sparkie may just want Income Protection, while construction workers may opt for a combined life and TPD policy.
Life Insurance Comparison can help compare your options from ten of Australia’s leading life insurers, regardless of what type of cover best suits your situation.
Finding the right fit for you at a price that suits your budget is just a click away.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.
*Safework Australia, Fatalities, injuries and solutions in construction, Feb 2021