Income Protection Insurance for Miners
Mining is considered as one of the most dangerous professions in the world. Because of the nature of the work, there's always the risk of you getting sick or injured when you work as a miner. Of course, your employer should be able to shoulder some of the initial expenses for your medical bills and for your recovery, however, they might have to eventually let you go if your condition is serious enough. But without work, you will be without income. Without income, you won't have money to help pay for your recovery, as well as pay for your daily household expenses.
Because of this, income protection insurance has been created. This is specifically designed to help the policyholder in case they are unable to work due to a serious illness or injury. So if, for example, you get sick and are unable to work, your insurer will provide you with monthly benefits of up to 75% of your salary. You could then use the money to pay for your expenses such as your medical bills, your mortgage, and household needs.
Indemnity Vs. Agreed Value Insurance
You will be given two options when taking out income protection insurance: indemnity value or agreed value insurance policy. In your case, some choose indemnity value insurance since it is designed for people with regular incomes like yourself. Aside from that, the premiums are more affordable than agreed value insurance.
Why not agreed value insurance? The reason for this is that this type of policy is better suited for people with fluctuating incomes such as self-employed individuals. The policy provides better protection for these people, but also at the cost of more expensive premiums.
Things You Need to Know
There are number of things you need to know when taking out income protection insurance. First is that there's a waiting period involved before you could start receiving benefits, usually around 30 to 90 days. The shorter the waiting period, the more expensive the premiums will be.
Another thing is that benefits are only paid out at a set period, typically up to two years. Again, your insurance company might charge you more if you wish to receive benefits for a longer period.
Apply for 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!