|
|
Income Protection Insurance – it is
possible for trades people and building workers to
find affordable cover
According to a 2005 report from the
Australian Bureau of Statistics, employed
trades people (as opposed to contractors) are more likely to be injured at work than people in any other occupation. While workers’ compensation
(Where the accident happened at work) may cover some of the lost wages while the injured worker is at home, any deemed contributory negligence or, worse still, rejection of the claim by the insurance company, may leave the injured worker and their family (if any) in an financially weakened position.
An appropriate income protection policy is important for all trades people – especially those in the construction, manufacturing and retail trades as these are the three industries which represent the majority of injured workers.
Income protection insurance pays a monthly benefit if you become ill or injured and are not able to work.
The Bureau of Statistics also reports that although 7% of all employed adults experience injury at work, injuries in the construction industry are incurred by 13% of employees. This means that at least one in every eight construction workers can expect to get injured at work at some stage in their careers.
Experiencing an injury and having to take time off work on reduced or no pay are stressful enough, but an
income protection policy can be really useful if you are one of the 45% unfortunate enough to experience an injury so severe that it restricts your future schooling and/or employment.
While many high-income white collar workers wouldn’t consider being without
income protection insurance, it appears that they’re not the ones most likely to need it.
May 2007
Disclaimer
The information provided is general in nature and
does not take into account your particular insurance
objectives, financial situation or investment needs.
We recommend that you speak to an xLife insurance
advisor or life insurance broker before you make any
decision regarding risk insurance. |
