Compare Income Protection for Plumbers

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Income Protection Insurance for Plumbers

When you work as a plumber, when it rains with work, it really does pour. But have you ever thought about where you would get the funds if you were suddenly unable to work because of an illness or an injury? Sure, your health insurance might cover you for your medical expenses, but how about your daily expenses for food, gas, and utilities? The first thing you might consider doing is dipping into your savings. But the good thing is that you could keep your savings safe while having the money for all your other needs. That is where income protection insurance comes in.

What Income Protection Insurance Is

It is a type of insurance that provides you with monthly benefits of up to 75% of your gross salary in case you are unable to work because of an illness or an injury. You could then use the money as you would your regular salary, including for the payment of your bills, your mortgage or rent, and your children's education. Aside from those, you could also set aside some for your medical expenses.

Indemnity Vs. Agreed Value Policy

When taking out income protection insurance, your insurer will provide you an option between getting an indemnity or an agreed value insurance policy. Which one is for you? It depends on whether you are self-employed or work for a company. If you're an employee and receive regular salary, choose an indemnity policy, as the value of the benefits is based on your average salary. So if your salary increases over time, so would your benefits. However, if you're self-employed, an agreed value policy is better since your benefits are fixed beforehand, regardless of fluctuations in your income. Keep in mind though that an agreed value policy is typically more expensive than the indemnity option.

Other Important Considerations

Aside from your choice of policy, your insurance premiums will also depend on other factors such as the waiting period and the benefit period. As the name would suggest, the waiting period is the period of time before which you will receive your benefits. The shorter the waiting period, the higher the premiums. Meanwhile, the benefit period is the length of time within which you will receive benefits. The rule of thumb here is that the longer the benefit period, the more expensive the premiums will be.

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