Any financial advisor worth their salt will tell you that everyone needs income protection insurance. If you’re an electrician, it’s a no-brainer. You’re making good money and are in demand. Income Protection Insurance is peace of mind for you and your family when you need it most. Money worries are the last thing you want when you’re off work.
Income Protection Insurance pays up to 75% of your wages when you’re sick, unable to work, or unemployed. The fact that income protection insurance premiums are 100% tax-deductible is a huge incentive! As an electrician, you’ll pay higher premiums because it’s a high-risk job. But the waiting period you nominate before you can claim also determines the cost of premiums. A short waiting period means higher premiums. A longer waiting period means lower premiums. The benefit period you nominate affects the cost of premiums too. Some superannuation policies include income protection, so check your super policy first.
How to make an Income Protection Insurance Claim as an Electrician
You can make an Income Protection claim if you need to take time off work to recover from a fall or accident that doesn’t happen at work, or if you’re diagnosed with a serious illness. Income Protection covers you for things not covered by workers’ compensation. If you need to be off work for longer than the waiting period of your policy that’s when you put the claim in for your Income Protection benefit. Even if you have sick leave, get your claim in early so it’s processed by the time you need it.
If you’re an electrician, then income protection is an absolute must! Income Protection Insurance covers gaps in superannuation and workers’ compensation payments. Not all accidents occur at work, and not all illnesses are work-related. Income Protection Insurance will cover you for sickness and injury that workers’ compensation doesn’t. Centrelink disability payments just don’t cut it.
The maximum fortnightly income on the Centrelink disability support pension is $867 if you’re single and $653.50 each for couples. It’s less if you have assets or if your partner earns an income and has assets. Insurance Protection Insurance is a smart investment in your financial future.