Occupations that can benefit most

Benefits Offered by Income Insurers

Income insurers in Australia offer at least 3 benefits to policy holders who opt for income covers however; the number of benefits given will not only depend on the cost of the contract but also the occupation of the professional.

 

Additional must have benefits for all professionals

Other benefits that may be offered for free with premium plans or may be offered for a small fee with basic plans include transplant surgery benefits, cosmetic surgery benefit and a death benefit. The day one claim benefit is usually charged at a nominal fee. Policy holders may also be able to fight inflation by picking up another paid benefit that allows the policy’s value to increase every year depending on the CPI index. The guaranteed renewability benefit is yet another perk offered by many insurers to interested professionals. Peace of mind and a stress free life are complimentary benefits that every policy holder gets when he opts for a plan that suits his personal, financial and professional needs.

 List of professionals that will benefit the most from income covers

Blue collar employees

Blue collar employees need income protection insurance for various reasons. For instance, blue collar employees usually rely on their income for running their household and do not have a significant amount of savings for emergencies. Income covers can ensure that blue collar employees do not have to file for bankruptcy if they are affected by an illness or injury due to which they in turn suffer from loss of income.

 Oil rig workers and miners

Oil rig workers and miners along with other professionals who get high salaries but have dangerous jobs stand to lose a lot if they cannot earn a steady income since their families rely on them. Oil rig workers and miners can benefit significantly by taking a premium policy that offers an agreed value contract, short waiting period, length term, long benefit period and 5 or more perks.

 White collar professionals

People who work in a safe environment often believe that they are well protected since they do not have to face any dangerous situations while at work; however these professionals often forget that they can fall ill or get into a non-work related accident. White collar professionals have a lot to lose when they cannot earn a steady income especially if they earn a significant income, are the primary bread winners of the family and want to maintain their lifestyle or meet their family’s basic needs when they are unable to work temporarily.

Doctors and medical professionals

Medical professionals spend their lives trying to save the lives of others however; these professionals often forget that they come across many life threatening diseases in their work place on a daily basis. While basic precautions are taken to prevent infection from patient to doctor or from blood samples to lab technicians, these life threatening diseases have the potential to put the medical professional out of a job. These life threatening diseases can make medical professionals ineligible and unfit to practice medicine, forcing them to switch to lower paying jobs that may not pay enough for them and their families. The income covers available for medical professionals will pay the policy holder a pre-decided or variable amount in such a scenario and the needle stick cover will ensure that the doctor, nurse or lab technician gets an additional compensation payment in a lump sum payout if they contract HIV, Hepatitis C or any other blood borne disease due to being pricked by an infected needle while at work.

 Business professionals

People who run their own small or medium businesses can benefit from business expenses insurance plans if they meet certain eligibility criteria. This type of insurance plan offers up to 75% of the business owner’s earnings towards compensation payments that are given on a monthly basis.

Home makers

Although a home maker does not step out of his or her home to earn income; he or she is very important in the dynamics of a family setting. Income insurers believe that home makers should be given the option of insurance since home makers have a tough job and need to be taken care of. Insurance plans that offer this benefit provide compensation payments to the home maker until he or she is able to resume her duties at home. The compensation payments given to the home maker can be used for children’s tuition fees, to hire a gardener, to get housekeeping help or to get a cook while the home maker is recuperating from an illness or injury.

 Fire fighters and Police

Fire fighters, police and other professionals who fight crime or help the local population are offered competitive income insurance plans since insurers understand the importance of these professionals in our society. Since these professionals do not earn a large sum every month; income insurance is a must for them since income insurance plans can ensure that their needs are met and their families do not have to suffer when the professional cannot earn income for a few months.

 

Important note

Although the professions mentioned above will benefit significantly from purchasing a suitable income protection insurance plan that meets their needs; it should be noted that each and every person in Australia who doesn’t have savings to rely on for emergencies or does not have assets to liquidate during a crisis situation, is in need of an income cover. Semi-professional athletes or people who play sports for a hobby must also consider getting an income insurance plan with few or no exclusions and limitations.

 


  Income Protection Life Insurance

 

Related reading about income protection

The Alternative to Income Protection for Rural Australia
Income Protection and Returning to Work
Debunking Life Insurance and Income Protection Myths
How to keep your insurance premiums as low as possible
Essential Insurance Products for Landscapers
Superannuation and Trauma Insurance
Comparing Income Protection Insurance
What are Exclusions in Income Protection Insurance?
Income protection insurance for landscapers
7 Questions to ask your life insurance consultant
Life Insurance For Construction Workers