What Conditions Do Life Insurance and Income Protection Cover?
Depending on your financial risks and goals, life insurance and income protection cover can both provide financial support to miners. But having both these insurances can provide you with better coverage for any life uncertainties.
However, if you are deciding on which insurance to prioritise first, this comparison can help you evaluate.
| LIFE INSURANCE | INCOME PROTECTION |
| Benefit Amount | Can be customised based on financial needs | Up to 70% of pre-disability monthly gross income |
| Payout Term | Lump sum payment | Monthly payout until the insured recovers |
| Term of Coverage | Customisable | Customisable |
| Conditions for Claim | Diagnosis of terminal illness or premature death | Sickness or injury that causes the insured to be unable to perform work |
| Cost of Insurance | It will depend on the age of the insured, the type of work, the amount, and the term of coverage | It will depend on the age of the insured, the type of work, the amount, and the term of coverage |
How to Know if You Are Eligible For Life Insurance or Income Protection Insurance?
Are underground and surface miners eligible for life insurance or income protection insurance? Generally, yes. Miners can obtain their desired insurance policies as long as they are insurable and can clearly define the details of their work. There are some particularly hazardous roles, such as explosives handling, where cover is not available.
It is important to note that different insurance providers may have different underwriting guidelines when securing insurance policies. That is why working with an expert insurance advisor with significant experience in helping miners is important to have a higher chance of getting approved.
At Curo Financial, we have decades of experience working with hundreds of clients, including miners, to help them secure their insurance policies. Talk to us, we will be more than happy to assist you.
How to Claim Income Protection and Life Insurance?
In Australia, insurance claims from the mining industry are higher due to the rapid growth of the industry and work-related hazards such as accidents. Understanding how to process a claim is important to effectively utilise your insurance policy when you need it the most.
Below is the common insurance claims process in Australia:
For Life Insurance, you need the following:
- Details of the policy (name of insured, list of beneficiaries, policy number, policy effectivity date)
- Make sure that the policy is active at the time of premature death or diagnosis of terminal illness
- Copy of death certificate
- Medical reports relating to the diagnosis of terminal illness
- Insurance claim forms (can be obtained from the insurance provider)
For Income Protection Insurance, aside from the details of the policy and insurance claim forms, providing medical evidence that supports the illness or injury that made the miner unable to work will be required.
Take note: The process for life insurance and income protection insurance claims can vary depending on the insurance provider. It is best to reach out to your insurance provider to get the latest process for insurance claims.
Find the Protection You and Your Income Needs With Curo
Being a miner, whether surface or underground, is a high-risk profession. The health and safety risks can derail your family’s finances if you are unprepared.
To protect your income and your family’s finances, you will need to have the right and sufficient cover.
At Curo Financial Services, we help miners get a chance to secure life insurance and income protection policies. Our decades of experience in the industry have enabled us to provide customised insurance advice that is unique to your needs.
If you are ready to explore your options, contact us. Our team will help you assess your risks and financial goals.
FAQs
Can Miners Get Life Insurance and Income Protection Insurance?
Yes, miners are eligible to get both life insurance and income protection insurance as long as they are insurable and can clearly outline their job details in the application. An insurance provider may require an additional premium to cover the risks associated with their work.
How Much Does Income Protection Pay?
The policy provides up to 70% of your pre-disability monthly income to cover your family’s living expenses, ensuring your financial stability while you recover.
What Proof Do You Need For Income Protection?
Medical reports and medical results are evidence that can support your claim for income protection. This evidence will be submitted alongside your claim forms to the insurance provider.
