Income Protection for Carpenters

As a tradesman you have to protect yourself on-site, but what happens when you leave work?  You need to ensure that you are protected in all instances.

Recent research shows a substantial amount of Australians are under-insured. Income protection provides peace of mind for individuals and families with a parent working in a hazardous trade industry.

Tradesmen know better than anyone that a serious illness or injury can have a major effect on not just their work, but also the lifestyle of them and their family.

According to the Australian Bureau of Statistics (ABS) it is more likely for a male than a female to experience an injury at work and this would be especially true for the male-dominated trade industry.

The ABS also states that in the year ending June 2006, 6.4% of Australians were injured at work. That is 690,000 people.

This is a huge number of people to potentially be out of work, depending on the severity of their accident. More specifically 86 per 1000 employed people in the construction industry have suffered an injury, according to the ABS.

The Lifebroker Life Insurance Research Report (February 2010) also sheds some light on the issue. Nearly half of respondents said they and/or their family would ‘not cope well’ or ‘not at all’ financially, in the event of their premature death or if an illness or injury stopped them earning an income for more than three months.

If you are a self-employed tradesmen, you have the advantage of being your own boss and deciding which jobs you want to work on.  If there is no one working along side you, you have to consider how you would continue to maintain your lifestyle and run your business in the event of a serious illness or injury

When it comes to protecting your family’s income, you can’t just rely on Worker’s Compensation. You need to ensure your income is protected, not just for the on site accidents which occur, but for the illnesses and injuries that can happen after hours.

If you are a carpenter then you need to ensure you are adequately insured to protect yourself, your family, debts and be able to run your business if you fall sick or become injured.

> Get Income Protection Quotes

See also:

• Income Protection for Plumbers