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How does it work?
Construction tradesmen are an integral part of the building and construction industry. They are responsible for the installation, maintenance, and repair of structures, systems, and equipment. However, due to the nature of their work, construction tradesmen are at a higher risk of accidents and injuries. This is why it’s crucial for them to have tradesmen insurance protection in place to protect them from financial loss in case of an unfortunate event.
Income protection is an insurance policy that provides financial support to individuals in case of an accident or illness that prevents them from working. It is a safety net that ensures that construction tradesmen can continue to receive a regular income even if they are unable to work. This is especially important for self-employed tradesmen who may not have any other source of income.
Your payments will continue to come until one of the following happens first:
- Your policy comes to an end
- You return to work
- Your payment period comes to an end
What can tradesmen insurance help you cover?
- Rent or Mortgage
- Household Bills
- Living Costs
- Grocery shopping
- Any Debt payments
- Leisure
- Other essential costs.
Benefits of tradesmen insurance
One of the main benefits of income protection for construction tradesmen is that it provides them with a steady income. This ensures that they can continue to meet their financial obligations such as mortgage payments, bills, and other expenses. It also provides peace of mind, knowing that they have a safety net in case of an unfortunate event.
Another benefit of income protection is that it can cover a wide range of accidents and illnesses. This means that construction tradesmen can be protected against a range of risks, including injuries suffered while on the job, illnesses, and accidents that happen outside of work.
In addition, income protection can also provide additional benefits such as rehabilitation support. This can help construction tradesmen return to work as soon as possible after an accident or illness. This is important as it helps them get back to their normal lives as soon as possible.
What doesn’t tradesmen protection insurance cover?
- Illnesses by drugs or alcohol
- Pre-existing conditions
- Self inflicted injuries
- Unemployment
- Redundancy
What is a deferred period?
In the case of Income Protection, a deferred period is a set amount of time that must pass before your insurance will cover your income. During this time instead of relying on your policy, you might be able to get by with the following: savings, sick pay from work, or other money. Therefore, you might not need the benefit right away.
Different deferred period you can choose from:
- Day One Cover
- 1 week
- 2 weeks
- 4 weeks
- 8 weeks
- 13 weeks
- 6 months
- 12 months
How long does income protection for tradesmen pay out for?
The payment period is the maximum amount of time your income protection policy will pay your monthly allowences for if you’re unable to work due to sickness or an accident.
However, to file a claim for the same condition again, you must normally return to work for a period of time, which is usually 6 months.
Generally there are several possibilities for Income Protection coverage. Payment durations are often 12 months, 24 months, 60 months, or until the insurance expires.
For the last option, the expiration of the policy is normally associated with your retirement age.
If you have a policy with a payout period to the end of the policy life, a claim could last until retirement if you are undoubtedly unable to ever return to work again.
When thinking about the duration of the payout period. It is important to note that it is usually determined by your budget. Subsequently the longer the payment period, the greater the monthly premium charged by the insurer. Each recommendation on the payment period differs between each individual. In reality finding the right duration is dependent on finding a balance between how comprehensive your cover is and your budget.
Overview of tradesmen protection insurance
Income protection is an essential safety net for construction tradesmen. It provides financial support in case of an accident or illness, ensures a steady income, and can cover a wide range of risks. It also provides additional benefits such as rehabilitation support. It’s important for construction tradesmen to take the time to consider their options and find a policy that meets their specific needs. In this way, they can have peace of mind knowing that they are protected in case of an unfortunate event.
