Income Protection for Underground and Open-Cut Miners
Underground miners and open-cut miners are often eligible for income protection, which is a type of insurance that will provide you with a monthly benefit payment if you are unable to work. This is also referred to as salary continuance and it is generally payable if you are unable to work because you are ill or injured, wherever you are, and need time off to.
Since underground miners face more risk than most occupations, income protection is one of the best ways to ensure that your income will be supplemented when you are not able to work. This means that if you fall ill, are hurt in a flood, gas explosion or any other type of workplace incident, you will have financial support until you get back onto your feet. Income protection can be used for anything you need, whether it helps with daily living expenses or to pay towards mortgages and other financial obligations.
Although open-cut miners are generally exposed to less risk than those that are underground, income protection is still very much worthwhile. Aside from the hazards that exist in an open cut mine, you will be protected from time off work that is caused by illnesses or injuries that happen while you are not at work. Income protection allows you to insure up to 75% of your gross income, which means that you can support your family and make sure that you can live a good quality of life as you did before your accident.
Short-term absences from work are normally covered by sick leave. However, if you find yourself in an accident at the mines that is going to mean that you cannot work for a few months or even that you can never go back, income protection for miners is the ideal way to cover yourself.
With income protection, you can receive up to 75 percent of your income when you are injured and off work. The amount that you receive as a monthly benefit will depend on various factors, such as the premiums you choose to pay. In addition, you will be asked about your occupation, whether you are an underground miner or a surface miner. This can include more detailed questions about mine features, your job duties and if you handle explosives. In addition to this, the premiums you pay are generally largely tax deductible, meaning the effective cost of these policies may be less than it seems.
When you are a miner and have income protection, you will start to receive your monthly payment after the waiting period has finished. You will have the ability to choose the waiting period that you want, with the most common being 30 days. You will then receive your income protection insurance until the benefit period ends, which is chosen by you, or it will end when you return to work. While you can choose the benefit period of your policy, the maximum length available to you will depend on whether you are an underground or open-cut miner.
Understanding your options is not as simple as it might sound and the guidance of a specialised financial adviser can be invaluable. Speak to an expert today to better understand the policies available to you.
General Advice Disclaimer
General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.