Compare Income Protection for Electricians

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Income Protection Insurance for Electricians

Being an electrician involves a lot of skill and risk—skill because not everyone knows how to install wires and outlets, and risky because it involves electricity, which can be potentially deadly.

You also have an option to work on your own as a self-employed individual or as a part of a company. Due to the risks involved in your work, your employer can help shoulder your expenses should you meet an accident at work. However, they couldn't pay for all your expenses while you're unable to work. There's even a big chance that you might lose your job.

Whether you are employed or a self-employed individual, it is important that you protect yourself with income protection insurance. Unlike public liability insurance, which protects you from expenses you might incur from property damage or personal injury you might cause, income protection insurance covers you from loss of income due to your inability to work.

Let's say for example that you had a non-work-related accident that is serious enough to keep you from going to work. Now where would you get the money to pay for your monthly expenses as well as the costs of your recovery? That is where income protection insurance comes in. When you lodge a claim, your insurer will provide you with monthly payouts of up to 75% of your salary. You could then use the money for your monthly expenses and your medical bills. This type of insurance is especially important if you're self-employed because don't have sick pay you can depend on unlike those working for businesses.

Keep in mind, however, that there are waiting periods before you can start receiving payouts. Insurers usually offer 30 and 90-day waiting periods. Because of that, it is also essential that you have a buffer in your savings to help you with your expenses while waiting for your benefit. Also remember that the shorter the waiting period, the more expensive your premiums will be. So try to weigh your options, and if you can afford it, choose a shorter waiting period because you will definitely need the money while you are unable to work.

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!

AMP
AMP
CommInsure
CommInsure
MLC
MLC
Zurich
Zurich
AIA
AIA
Asteron
Asteron
ClearView
ClearView
OnePath
OnePath
TAL
TAL