Income Protection Insurance for Boilermakers
Being a boilermaker is hard work. One needs to know how to do everything from welding to moulding, all of which require years of intense practice to perfect. And although there are computer-aided tools that help make working a lot easier, a lot still depends on the boilermaker's skills to get the job done correctly.
Because of the nature of the work, there's also the danger of getting injured on the job. Sure, you might be insured for work-related injuries, but where would you get the money if your employer finally decides to let go of you? That is where income protection insurance can protect you.
What Income Protection Insurance Is
Income protection insurance is a type of insurance that is designed to protect income earners in case they are unable to work due to illness or injury. Depending on the level of coverage you choose, you would be able to receive up to 75% of your salary on a monthly basis. You can also choose to receive payouts for up to two years, again, depending on your coverage.
Indemnity Vs. Agreed Value
When you apply for income protection, you will be given a choice between indemnity and agreed value income protection insurance policy. If you are a regular employee, it is recommended that you choose the former, since the value of your benefits will depend on your last few paychecks. So if your salary has increased in the past few months, you could also expect bigger payouts should you need to lodge an insurance claim. Aside from that, indemnity value is also more affordable than agreed value policy.
How Much Insurance You Need
When buying income protection insurance, it's important that you get the best policy you can afford. Never skimp on insurance because it's more difficult to be underinsured when you actually need it already. What's more is that higher premiums can help you receive benefits for a longer period than cheaper ones.
On the other hand, don't go for very expensive premiums. Always keep in mind to buy insurance that's only commensurate to your needs.
Contact us on 1300 793 143 and we will organize you quotes from up to 9 Insurance companies in under 10 minutes. Our consultants will talk you through the process. Contact us today for more details!