Income Protection Insurance for Fitters
Depending on the field where you're working, your work as a fitter could involve anything from determining the ideal materials, methods and sequence for operations, to troubleshooting problems with machines and repairing them.
But whatever industry or field you're in, what's important is that you are adequately protected for whatever happens in the future. Sure, your employer could help shoulder your health insurance, but what would you do if you were suddenly unable to work because you got sick or injured? Your health insurance could cover that, but not if you need a long time to recover.
Because of that, you need income protection insurance. With income protection insurance, you will be able to receive up to 75% of your income in case you get sick or injured and are unable to work. With the monthly payments, you will be able to have enough funds to pay for your medical expenses, your mortgage, utilities and other financial obligations.
Important Things You Need to Know
There are three important things you need to know when applying for income protection insurance. The first one would be choosing between agreed value or indemnity policy. If you are a salaried employee, you would benefit more from an indemnity policy, because it is more affordable and is based on your average salary.
There is also what's called the benefit period. Simply put, it is the period of time when you will receive benefits, usually, 1 year, 2, or 5 years. When deciding on your benefit period, it is important to keep in mind that longer benefit periods naturally will have higher premiums, and that you should choose the longest period you can afford.
Finally, there's the waiting period. When making an income protection insurance claim, you will be able to start receiving benefits only when you are still unable to work after the waiting period. This can be anywhere from 14, 30, 90, to as much as 720 days. So if you have a waiting period of 14 days, for example, you will start receiving benefits on the 15th day. When choosing a waiting period, remember that the shorter the waiting period, the higher the premiums will be.
Get Income Protection Insurance Today!
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!