Compare Income Protection for Train Drivers

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Income Protection Insurance for Train Drivers

Being a train driver seems like an easy and straightforward work. But the truth is that more than just taking passengers from point A to B, you also need to ensure their safety. That includes your driving of the train to providing the maintenance crew with timely updates on possible issues with the train.

While you ensure other people's well-being, have you thought of doing the same to yourself and your family? Think about this: nobody really knows what's going to happen in the future. Chances are that you might get seriously sick or injured that you won't be able to go to work. And while you're recovering, where will you get the money for your daily expenses? Sure, you could use your savings in times of emergency, but wouldn't it be better if you just used it for its original purpose, say, a vacation or your children's college education?

You don't have to worry about all these if you have income protection insurance. With this type of insurance, you will be able to receive benefits of up to 75% of your gross salary on a monthly basis. It's like you're still earning income even when you're unable to work. What's more is that not having to worry about your finances enables you to focus on your recovery, so that you can join the workforce sooner than later.

When taking out income protection insurance, you need to familiarise yourself with these concepts:

  1. Indemnity and agreed value policy. Insurers provide you with options between the two, which are ways of determining the value of your benefits. An indemnity policy is based on your average salary, while the agreed value policy is based on a predetermined value you choose with your insurer. The former is more ideal for those who receive regular salaries, while the latter is for business owners and self-employed individuals
  2. Waiting period. This refers to the period of time you need to wait before you receive your benefits. It may be as short as 14 days, or last up to several years. What you need to remember is that the shorter the waiting period, the more expensive your premiums will be.
  3. Benefit period. This is the length of time within which you will receive your benefits. This typically lasts up to two years, but it is not uncommon to have benefit periods of up to 5 years or more.

Get Insured Today!

It's important that you take out income protection insurance sooner than later. That is why we recommend that you talk to the qualified advisors at Rate Detective today. They will help you find the best policy for your needs by assessing your personal circumstances as well as providing you with rate comparisons of Australia's top insurance companies. Contact us today for more details!

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