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Do tradies need life insurance?

Despite a higher chance of getting hurt at work, tradespeople and labourers have been found to be the least likely occupation to have life insurance.*

We get it. It seems like tradies need cover for everything these days: tool insurance, income protection, public liability insurance… the list goes on. Each of these has its merits, but life insurance is cover for what’s most important, life itself.

If you die, become disabled or are diagnosed with a terminal illness, life insurance can be there to safeguard your family and lifestyle.

What is life insurance?

In a nutshell, life insurance is designed to provide your loved ones with a lump sum payment should you become seriously ill, disabled or die. 

Life Insurance policies typically include different kinds of cover that protect you in distinct ways. 

Life: Pays a lump sum to your beneficiaries in the instance of death or terminal illness with 12 months to live. 

Total and permanent disability (TPD): Lump sum payment if you are totally and permanently disabled. 

Trauma (aka critical illness insurance): Pays a lump sum if you suffer a specific medical illness or condition such as cancer, stroke or heart attack.

What life insurance should tradies consider?

The right policy depends on your personal circumstances, such as income, age and family situation. Different insurers and policies vary, so it’s a good idea to compare your options.

There are different ways to take out cover. 

Bundled: You can opt for a policy which packages Life, TPD and Trauma cover. Some tradies prefer bundled Life Insurance as it gives them access to multiple insurance types at a typically cheaper cost.

Standalone: Alternatively, you can opt for independent policies where you take out the cover you want separately. For instance, some tradies – particularly those without dependents – may only want TPD and Trauma Insurance. Standalone policies offer the flexibility to make that possible.


How do I know if I need Life Insurance or Income Protection?

Ask yourself, if you become unable to work due to illness or injury, would you be able to keep up with mortgage repayments, costs of raising a family, and living expenses?

And for a question that no one wants to think about:

Would your family be financially secure if you were to die unexpectedly?

How can I find the policy for me? 

If you’re considering life insurance or income protection to keep yourself and your family financially secure, you’ve come to the right place. Lifebroker compares insurance products from a range of Australia’s leading providers. 

A good place to start is to consider if you want bundled Life cover or standalone policies for Trauma and TPD. If you’re not sure, why not compare all three.

To compare, click the links below and fill in your age, gender and occupation and we’ll prepare your quote. If you’re not sure how much cover you need, there’s a handy calculator to assist. We’ll ask for your contact details so that our team can help you discover fully underwritten, tailored options.

Compare Life insurance Compare TPD insurance Compare Trauma insurance

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* Research conducted by Pureprofile in December 2017 with 1,006 Australian resident respondents

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