You mightn’t think that a Tradesman (or Tradesperson) needs special consideration when it comes to personal insurance and in particular, Life Insurance, but according to Safework Australia, labourers and workers involved in trades have the highest incidence rates of work-related injury – nearly three times more than all other occupations.
On top of this, we can add other non work related causes of accident or death and men and women working in trades present as being excellent candidates for Income Protection, Trauma Insurance and Life Insurance.
If you’re injured on the job, Workcover may provide some compensation, but the approval process can be a lengthy one. Also, Workcover doesn’t cover things that aren’t considered work-related – diseases such as cancer and heart disease, both of which can be financially crippling due to the long recovery period, or even worse, fatal.
The term “Personal insurance” covers a number of different types of insurance coverage.
- Life Insurance pays a lump sum if the person insured dies or is diagnosed with a illness that is considered terminal. The lump sum payment is most often used to meet funeral expenses, ongoing regular expenses such as mortgages, personal loans and school fees and provides money to fill the financial void left by the loss of a salary and to maintain a family’s standard of living.
- Income Protection pays up to 80% of your income if you can’t work because of sickness or injury. There are a number of variables possible with Income Protection such as waiting periods, length of benefit payment and the percentage of income covered. These regular payments can be an essential support to meet ongoing costs of living, not to mention the often hefty out of pocket expenses associated with serious illness treatment.
- Trauma Insurance is a tax free lump sum payment received if you are involved in a serious accident or if you are diagnosed with one or more defined illnesses (more than 60 illnesses are covered by Make A Difference Insurance’s Trauma Insurance , including many forms of cancer, heart disease, stroke and heart attack). This payment can be used in any way you see fit, from meeting ongoing medical and every day expenses to celebrating your recovery with an overseas holiday with the family. It can also be invaluable where a spouse or partner wishes to take time out of the workforce to care for the injured or ill party.
Self employed Tradesmen such as Hairdressers, Mechanics, Butchers, Electricians and Plumbers can also benefit from Business Expense Insurance. Could your business still function to its full capacity if you were hurt or sick for an extended period of time? Business Expenses Insurance is a policy that pays a monthly benefit to assist with the day to day running expenses of a business – such as salaries, commercial premises rent and other bills should accident or illness leave you unable to work. Business expense insurance and income protection insurance are, in most cases, tax deductible.
Whether your’re a Chef, a Baker or a Builder, it is even more important for Tradespeople to consider personal and business insurance. The team at Make A Difference Insurance are well versed in the insurance needs for all types of businesses and employment arrangements and are available to discuss your insurance needs at a time that fits with your own work schedule.