A variety of industries and occupations incur inherent risks. For this reason, insurance companies offer a range of specialized income protection insurance polices tailored to provide specific options and benefits.
The most common occupations and industries with such specialized policies include miners, gas and oil workers, trades people and construction workers, farmers, doctors, surgeons and dentist as well as lawyers and solicitors.
As most work sites require construction workers and trades people to have insurance, insurance agencies offer policies with specific injuries benefits as well as accident benefit options which enable the policy holder to claim their benefit before the official waiting period has ended.
For those of you working in the mining, gas or oil industry please note that insurers take into account details such as occupation title and duties, whether a worker workers above or under ground, contact with explosive, fly-in fly-out conditions and working hours and shifts.
Individuals working in the medical or dental field are exposed to a different variety of risks. For this reason, personal insurance policies take into account considerations such as risk of needle-stick injury.
A very select number of insurance companies offer a specific benefit to lawyers and solicitors known as a "non-offset clause". This clause enable workers on this line of work to receive up to 75% of their usual income on top of their workers compensation.
Farmers and those employed in the agricultural sector are highly susceptible to fluctuating incomes as a result of seasonality, natural disasters and the like.
For this reason a discrete number of insurers provide the added flexibility of choosing between having one's monthly benefit based on 30% of either the gross or net farm turnover.
Additional options to consider when deciding on the right income protection insurance policy for you are stepped versus level premiums as well as indemnity versus agreed value policy. Furthermore, insurance policies can be additionally tailored for those with a fluctuating income such as the self employed to maximize the benefit at claim time.
If you would like assistance determining the most suitable and comprehensive insurance policy for you and your lifestyle, submit the form on this page or call us on 1300 793 143 today and one of our accredited and friendly insurance advisers at Rate Detective will help with income protection insurance for your occupation.