August 10, 2017
There’s nothing better than knocking the froth off a hard-earned cold one on Friday afternoon. A couple of days rest ahead before Monday rolls around and it’s time to bring home the bacon again.
Being on the tools is the most important thing for a tradie. After all, if you’re not earning a crust, paying those bills, who else will do it for you?
Unless you’re lucky enough to have a rich relative waiting in the wings, it might be worth considering protecting your income in the event you can’t work for an extended period.
Let’s take a look at a couple of scenarios we’ve seen tradies come up against, and suggest some options for you to mull over while sinking that Friday afternoon tin.
A Turn For The Worse
Ask yourself this question: what would you do if you became injured or ill and couldn’t work for an extended period? We’re not talking about the man flu, either, something more serious. Could you keep those wolves away from the door until you got back on your feet?
If this troubles you, it might be worth considering a policy to protect your income. There’s two options on this front: Injury & Illness Insurance or Income Protection Insurance.
They both function in a similar way”“they pay out a nominated amount based on verifiable earnings if you’re injured or ill and can’t work for an extended period. They cover you as a subcontractor 24/7, unlike Workers Compensation, which covers working hours only*.
* Note: different working arrangements and state-based legislation determines your eligibility for coverage under Workers Compensation Insurance. If you’re unsure about your current coverage, check your individual state requirements.
There’s a few key differences between the two policies to note:
This is a guaranteed renewable policy, tailored to your personal circumstances by a financial adviser. It can be more expensive than a basic injury and illness policy, but more flexible with waiting periods and benefit periods, and broader coverage options.
For more information on Income Protection Insurance, contact us here to speak with a qualified Financial Adviser.
Unlike Income Protection Insurance, Injury & Illness is not guaranteed renewable and is based on general advice, not your individual circumstances. As such, it’s often easier to put in place and can be cheaper, but generally offers less flexibility and fewer coverage options.
For a no-fuss, obligation-free Injury & Illness quote, click on our two-step quote process above and have figures at your fingertips within a few minutes.
Both of these policies will offer you excellent additional protection if you have neither in place. Make sure you read the Product Disclosure Statement (PDS) of any policy you’re considering purchasing so you understand how it works, what’s covered, and what’s not.
Or new school; doesn’t matter if you’re a young buck or a seasoned veteran, all tradies need their tools to work.
So what happens if they’re knocked off, burnt in a fire, smashed to pieces in a car accident?
If any one of those scenarios would put you out of commission and stop you earning those pineapples, then it might be wise to consider tool insurance cover.
Once again, unless you have a penny-saving parent happy to pitch in at your time of need, tool insurance cover could be the best purchase you make this financial year.
Those 5 or 10 grand worth of tools mightn’t seem like much, but when you’re staring down the barrell at replacing them, that 3,4,5 hundred dollar tool insurance cover quote won’t look so bad.
A simple click on the two-step quote process above will GoGet you a tool or injury & illness quotation within minutes. Or send us a message for a call back from one of our qualified Financial Advisers to discuss income protection insurance and keep that bacon for the Sunday fry up.