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First of all, unlike many other professions, it is often compulsory for you to have Income Protection Insurance (which is one form of life insurance) before you walk onto a building site – particularly if you are self-employed or a subcontractor.
Second, because you work in an occupation that has a high rate of work-related injury, your insurance premiums can be higher than other people’s, too.
Given this, it’s important that you know what to look for in your life insurance. Here are some of the common questions we get asked.
Apart from the fact that many building sites stipulate that you must have Income Protection Insurance on top of workers’ compensation insurance, there are real benefits to having this extra layer of protection.
Workers’ comp will only make payouts for a limited number of years, and may not cover much of your income. Plus, it only covers you for injuries sustained in the workplace – so if you hurt yourself outside work, or get seriously ill and can’t work, you’re not covered. Imagine if you suffered a serious injury playing sport and couldn’t work for a long time … could you and your family survive financially without some extra help?
There are two key things to look out for when you’re shopping around for your Income Protection Insurance:
In most cases, the premiums for your income protection insurance are tax deductible, which is a great win come tax-time. Please check with your accountant to clarify your specific circumstances.