A trades person’s best back-up tool

A trades person’s best back-up tool is insurance – are you adequately covered?

Statistics show that tradespeople are three times more likely to suffer work-related injuries 1 than any other occupation. Heart disease is also the number one cause of death in Australia, followed by stroke and cancer 2.
With figures like these it’s important, that as a trades person, you have cover that takes into consideration the work you do, the unique risks you face, plus other medical factors that affect all Australians.
You need a plan that covers you, your income and your debts.
Workers compensation may not be enough
If something happens to you at work, workers compensation helps part of the way, but you could be waiting a long time and it only covers some of your expenses.
What if something happens outside work or you suffer heart disease or cancer? When your income stops, you don’t want to worry about your loan repayments, bills and everyday expenses.
That’s why you need life insurance
Life insurance goes to work where workers compensation leaves off. It includes life cover, income protection cover, total and permanent disability (TPD) cover, and trauma cover. It can also cover you if you have minor fractures and still keep working.
Benefits of insurance
• You’ll receive the rehabilitation you need to be able to return to work.
• If you’re self-employed and need to keep an eye on your business, or work for someone else and wish to return to work, some policies allow you to work 10 hours a week while still receiving benefits.
• If you can’t afford comprehensive cover, you can cover yourself for accidental injury only. Considering the majority of claims are due to accidents, it’s a pretty sensible option.
• Trauma cover not only provides benefits for things like coma, intensive care, loss of limb or sight, major head trauma, paralysis and severe burns. It also covers you for the early signs of a heart attack, melanoma or cancers.
• Generally income protection and business expense insurance premiums are tax deductible. Plus you may be able to cover your premiums through your super.

Peter’s story

Peter, a high-achieving tradesman, suffered an injury that left him unable to work on the tools effectively. He was confident he could win enough work to expand his business using other tradespeople to do the hands-on work.

Through his income protection’s rehabilitation benefit, he had access to a business coaching program which focused on helping Peter build a team of high-caliber tradesmen. Over seven months his coach helped him create and work a business plan until he was convinced the strategy was working.
It’s essential to get the advice you need

With so many different types of life insurance available, it’s important to discuss your own insurance needs with a financial adviser. To find out more, contact me on 0413892531.

1 “Key Work Health and Safety Statistics Australia, 2010”
Safework Australia
2 “Causes of Death, Australia, 2010” Australian Bureau of Statistics

This may contain general advice.  General advice is prepared without taking into account your objectives, financial situation or needs, and because of this, you should, before acting on the general advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs and if the advice relates to the acquisition of a particular financial product for which a Product Disclosure Statement (PDS) is available, you should obtain the PDS relating to the particular product and consider it before making any decision whether to acquire the product.