Income Protection for Plumbers, Carpenters & Electricians

Income protection insurance pays up to 75% of your income if you fall ill or become injured. What you may not know is that some life insurance companies in Australia offer additional benefits as part of their income protection policies for an additional cost.

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These benefits may be under Construction Income Protection policies, and are beneficial to plumbers, carpenters, electricians and the general handyman. One such benefit is the accident benefit option. If you purchase this option, you will receive a portion of a monthly benefit if you become totally disabled due to injury for at least three days during the income protection Waiting Period.

The benefit is payable up to the end of your waiting period as outlined in your policy. Under a normal policy, you would only start receiving your benefit payments after your selected waiting period.

How much income protection benefit will I receive?

It depends on the life insurance company you choose, however a number of insurers state that you will receive around one-thirtieth of the monthly sum insured for each day of total disablement. For exact details be sure to read your product disclosure statement which will outline how the benefit works as each company’s accident option on their income protection insurance policy will vary.

Will I benefit from this income protection insurance add-on?

It really depends on your personal situation. But if you do decide to purchase an add-on like this, it means you may be able to receive some of your benefit sooner rather than waiting until after the waiting period to start receiving your benefit payments.

If the duration of your waiting period has ended and you are still unable to return to work due to injury, you will be paid the normal rate, which is around 75% of your income.

Who is this type of income protection benefit most suited to?

This type of additional benefit is best suited to those with more accident prone occupations and those who are self employed, such as:

  • Bricklayers
  • Builders
  • Cabinet makers
  • Carpenters and Joiners
  • Cleaners
  • Concreters
  • Contractors
  • Electricians
  • Factory workers
  • Fencers
  • Fitter & turners
  • Gardeners & those in property maintenance
  • Glaziers
  • Handyman or tradesman
  • Metal workers
  • Painters
  • Plasterers
  • Plumbers
  • Roofers
  • Tilers
  • Trades people or tradesmen


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Published: July 28, 2013

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