Income Protection Insurance - Surface Miners
Working at the mine can be a physically demanding job, and it doesn't take much of an issue to rule you out from being able to work for a period of time.
Serious injuries can occur on the site, and of course you can still sustain an injury or illness away from the mine site that will affect your ability to work.
A short absence from work may be covered by your employer's sick leave, but what if you can't return for a few months or a few years?
If your ability to work is taken away due to injury or illness, the financial consequences can be extremely damaging for you and your family.
Thankfully Income Protection can step in to cover your income requirements when you cannot work.
How Income Protection works
Income Protection works by replacing up to 75% of your income if you can't work due to illness or injury. You will start receiving your benefits once the waiting period has passed, and you will continue receiving monthly benefits until the benefit period ends or until you're able to return to work, whichever occurs sooner.
The waiting and benefit periods are chosen by you when you take out the policy. The waiting period most commonly selected is 30 days, however you can take a shorter (or longer) waiting period.
The benefit periods available depend on the insurer, but generally you can choose a period of 2 or 5 years, or you can opt to receive benefits until you reach age 65.
Choosing an Income Protection policy for a surface miner
When it comes to miners, there are some insurers who offer no cover at all, some that offer limited cover, and a select few who have a good understanding of the mining industry and are willing to offer comprehensive income protection insurance to miners.
Some insurance companies will limit the benefit periods available to miners, especially those handling explosives. For some roles that they consider higher risk they may limit the benefit period to five years, and in some cases perhaps just two years.
The level of cover provided by insurance companies to miners can vary greatly, and the premiums can also differ depending on the insurer.
Here at Underground Insurance we know which insurers offer the best terms for the different roles within the mines, and we will be able to help you in obtaining the best Income Protection insurance to suit you at the best price available.
To obtain a quote on your Income Protection insurance please complete our online Income Protection quote request or simply get in touch to speak with one of our team of experts.
To obtain a quote on your miners insurance simply complete our online quote request.