Although everyone can benefit from having a life insurance policy in place, Australians in certain high risk occupations like the mining industry are more likely to consider securing life insurance as a layer of financial protection for their families if the unthinkable should occur.
Life insurance is designed to provide a lump sum payment to your beneficiary, usually a spouse or adult family member, in the event of your death or, in some instances, the diagnosis of a terminal illness. For a husband and father who is the sole breadwinner in a household, a carefully selected life insurance policy can ease an already difficult time by alleviating financial worries over how the mortgage is going to be paid, how the family will maintain their lifestyle in your absence, and even how they will pay your funeral expenses.
As a worker in the mining industry, you face higher risks of accidental injury and death, and operating without life insurance or comprehensive trauma or total permanent disability (TPD) insurance policies in place could spell disaster for you and your family if you become severely injured or diagnosed with a terminal illness and are unable to work and earn a living.
You can purchase life and trauma insurance bundled or individually, depending on your work description, insurance preferences, and personal circumstances. Certain jobs in the mining industry are riskier than others, and may have higher premiums due to the risk. For instance underground mining workers and explosives handlers are probably facing higher premiums than colleagues in less risky positions, and options can vary significantly between insurance providers. By comparing life insurance policies, as well as bundled policy options, you can find the insurance you need at a price that suits your budget.
Insurance is often a challenge to find for high risk employees in the mining industry, but there are providers out there who will offer you a life insurance policy and other types of insurance with which you can protect yourself and your family from all the risks you face each day. While some insurers refuse to offer insurance to miners under any circumstances, others offer policies with varying degrees of restrictions and premiums. If you are a miner, you would do well to consult with a professional advisor with expertise in mining industry insurance to make sure you find the best quality coverage available to you. This can be arranged through MultiCover.com.au.
Comprehensive life insurance policies for miners, as well as bundled insurance packages can be found at competitive rates, although your health and other factors are taken into consideration, including whether or not you smoke and your chosen pastimes. When seeking advice from a specialist, be absolutely certain they have expertise in insurance issues dealing specifically with miners and the mining industry. Advice from someone who is not an expert can lead to serious problems if a claim were to be filed and bad advice left you or your family in a position in which a claim was denied.
Finding the right life insurance policy, or trauma, TPD, or income protection policies can require a real commitment on your part, despite the obstacles you might face. We can’t over-emphasize finding an expert in mining insurance to consult with, and we encourage you to compare life and personal insurance policies for pricing and options at MultiCover.com.au.