Income Protection Insurance Underground Mining - Important Considerations

Miners play a crucial and integral part in the Australian economy. Most of them receive substantial remuneration; however, they still work in a hazardous environment with numerous potential risks. These risks create a need for a safety net in the event that you're injured or unable to work. Statistics show that 23 percent of all serious claims lodged by miners involve absence from work for more than 3 months. There is therefore a need for minors to protect one of their greatest assets - their income. If you're in the mining industry, then you know getting income protection insurance against underground mining can be an up-hill task.

Obtaining Mining Insurance

Despite the fact that it is difficult to obtain mining insurance, it is not altogether impossible. If you conduct an extensive search, you are sure to find insurance companies that offer income protection insurance for underground mining. However, there are some things that miners have to contend with. The first is that these policies can be very costly. Again, due to the risk factor, the insurance company will take into consideration several factors such as age, gender and the details of your work when calculating premiums. Miners who work aboveground and underground have their premiums priced differently based on the risk factors.

Life Insurance Options For Miners

Most insurance options for miners come with high premiums. Miners can find life and trauma insurance with relative ease. However, TPD and income protection are much harder to obtain, but not impossible. If you find an insurer offering these plans, they will most likely add extra fees - this is known as loading. Miners also have the option of purchasing bundle packages that have more features and options to ensure they are sufficiently covered.

Another thing worth looking out for when searching for mining insurance is any exclusion in the policy. This will be found in the product disclosure statement. It is important to know what the cover includes as well as the exemptions. The best strategy is to shop around; you can also benefit from insurance comparison sites that offer unbiased information about policies from different companies to help you get insurance at a good deal.

Considerations For Income Protection Insurance Underground Mining

It is important to take measures to ensure you get the right plan at the best price. To achieve this, there are several considerations worth paying attention to:

Cost Of The Plan

Choose a cover that is within your budget. Failure to make regular premium payments on your cover will render it invalid. This means you and your loved ones will not be covered in the event that you are unable to work due to an injury or illness. When getting a cover, ensure that you can pay for the premiums without fail. Consider the cost of the cover which will be based on several factors such as age and job description.

Features Of The Plan

An insurance plan is only good if it can provide adequate cover. There are certain policies that come with extra features which you can bundle up with your life insurance plan or have them as add-ons. This of course means that you pay more, but the peace of mind is worth the extra fee to ensure that you and your family are adequately covered.

Kerrie Peacock researches on life insurance extensively in Australia. For more information and advice, log on to www.mecovered.com.au/income-protection-insurance-underground-mining.

This article was published on 30 Jul 2014 and has been viewed 464 times
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