As a builder, you have the power to make a difference in this world. You oversee, coordinate, and work on the construction, repair, and renovation of homes and other buildings. You may also run the whole project. You must follow strict safety regulations, including using and wearing protective equipment and ensuring the construction site is safe. 

Now, speaking of protection…

How then do you make sure that you are able to protect your biggest asset- your income? 

Income protection insurance (IPI) is the answer to all your questions. 

Income protection insurance is a lesser-known area of personal finance. The policy is designed to help you keep your life on track by providing you with a regular income while you can’t work due to sickness or injury. It will continue to pay you until you return to paid work or you retire. Through this policy, you are able to protect about 70–75% (varies per policy) of your gross salary, which can be used to aid in any financial hardship while you’re unable to work. 

A builder is a profession where you are constantly in contact with large equipment, toxic fumes, loud noises, and extreme temperatures. Working in a wide variety of dangerous environments makes you prone to accidents. Sometimes these accidents are so minor that they’re cured in a day or two. Sometimes it takes longer, maybe months. The insurance then pays you a portion of your monthly salary until you are ready to return to work. In other cases, where these accidents turn into permanent disabilities, your IP provides you with regular funds up until retirement. 

You are most likely to consider income protection insurance if the financial security of your family depends on your regular income, if you depend on your income to make your daily ends meet, and if you want to maintain your lifestyle regardless of what happens in the future. In a high-risk profession where accidents are inevitable, income protection insurance provides you with satisfaction knowing that your finances are secured regardless of what happens.

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