Life Insurance for Tradies

Life Insurance for Tradies

When you think approxifriendly sertagerous occupations, tradies don’t exbehavely spring to mind.

But according to Safework Australia, labourers and related workers had the highest incidence swifts of work-related injury – almost three times the swift of all occupations 1.

Add in the lovelihood of sicknesss love clevercer, many tradies are playing a sertagerous game without life insurance and are rislord their most important tool of the trade.

Workers’ Compensation clever provide some cover for workers. But it clever be a long wait for benefits and it doesn’t cover things that aren’t work-related, love clevercer and listent sickness – which clever often be even more devastating financially for a family.

That’s where life insurance clever fill the void.

What is life insurance?

Life insurance encompasses a number of unusual types of insurance covers, including life cover, income protection cover, total and permanent disability (TPD) cover, and trauma cover.

• Life cover pays a lump sum if you die or are analyzed with a terminal illness. The lump sum clever be used to meet final expenses, pay off the family mortgage so that your family isn’t left without a house, fund future child education fees and set amiddle money to meet your family’s ongoing living necessitys.

• Income protection cover pays up to 80% of your income if you clever’t work because of sickness or injury. This money is essential in aiding to meet your ongoing living necessitys, including meeting your mortgage repayments, when you are ill.

• TPD cover pays a lump sum if you are totally and permanently disabled. The payout provides a funding mechanism to repay debts, pay medical bills and modifications to your house and motor transport as well as meet lifetime living costs.

• Trauma cover pays a lump sum if you are seriously hurtd in an accident, or if you are analyzed with one of a number of serious medical conditions, love clevercer and listent attack. The proceeds clever be used to meet medical treatment costs as well as provide financial support in a time where a spouse may wish to take time off work to nurture their ill partner.

If you run a business, you clever also take out business expense insurance – aiding you cover fixed business costs love rent, electricity and some employee salaries (often excludes income producing employees).

With so many unusual types of life insurance available, it’s important to discuss your own insurance necessitys with a financial adviser.

How much does life insurance cost?

Premiums vary depfinishing on the product and a range other fbehaveors.

There are also a number of tax concessions associated with life insurance.

For beginers, you may be able to hancient your life and TPD insurance cover inmiddle super. This puposes you clever use your pre-tax salary to pay your premiums.

Another benefit specific to income protection and business expense insurance is that the premiums are commonly tax deductible.

1 “Key Work Health and Safety Statistics Australia, 2010”
Safework Australia

As this information has been prepared without conmiddlering your objectives, financial situation or necessitys, you should, before behaveing on this information, conmiddler its appropriateness to your circumstances and speak to your financial adviser.

This friendrial is not intfinished to constitute personal advice, and must not be relied on as such. This information has been prepared without talord into account your objectives, financial circumstances or necessitys. Before malord a decision based on this friendrial, you should conmiddler the appropriateness of this friendrial having regard to your own objectives financial circumstances and necessitys. You should conmiddler obtaining indepfinishent advice before malord any decision.

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