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Income Protection Insurance for Builders

Being a builder can be quite a challenging task. Depending on the type of responsibilities delegated to you, you may have to do things such as coordinating the procurement and delivery of materials, working with professionals involved in the project, as well as overseeing the progress of the project.

And while it can be a fulfilling job, your role can be taxing and dangerous too. Because of that, it always pays to be prepared for whatever happens to you within and outside the workplace. In case you are unable to work because of an illness or injury, your employer may only provide you with limited coverage. Thus, it's important that you also protect yourself with income protection insurance.

What is Income Protection Insurance?

Income protection insurance is a type of insurance policy that is specificially designed to provide the insured with regular salary in case he is unable to work because of an illness or injury. Unlike term life insurance, income protection insurance is given on a monthly basis, with a value of up to 75% of the insured's salary.

Why You Need Income Protection Insurance

Compared to other insurance policies, this is the only one that will provide you with a regular salary when you cannot work. With your benefits, you won't have to worry about not having any income while you are recovering from your condition. What it means to you and your family is that you will be able to at least maintain your lifestyle during this trying period in your life.

About Benefit Periods

Of course you won't receive benefits for an indefinite period. There is such a thing called benefit period, which refers to the length of time in which you will receive your benefits. Some typically just last up to two years, while others may be 5 years or more.

Keep in mind, however, that the longer your benefit period, the higher your premiums will be as well. Because of that, find the right balance between a premium you can afford and a reasonable enough period before you think you can recover from your condition.

Apply for Income Protection Insurance Today!

The best time to apply for insurance is always today. The reason for that is because tomorrow never comes with guarantees. So it's important that you prepare yourself for whatever happens in the future by being insured.

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!