Statistics show that tradespeople are three times more likely to suffer work-related injuries than any other occupation.

With figures like these it’s important, that as a tradesperson, you have cover that takes into consideration the work you do, the unique risks you face, plus other medical factors that affect all Australians.

You need a plan that covers you, your income and your debts.

Workers compensation may not be enough

If something happens to you at work, workers compensation helps part of the way, but you could be waiting a long time and it only covers some of your expenses.

What if something happens outside work or you suffer heart disease or cancer? When your income stops, you don’t want to worry about your loan repayments, bill's and everyday expenses.

That’s why you need life insurance

Life insurance goes to work where workers compensation leaves off. It includes life cover, income protection cover, total and permanent disability (TPD) cover, and trauma cover. It can also cover you if you have minor fractures and still keep working.

Benefits of insurance

• You’ll receive the rehabilitation you need to be able to return to work.
• If you’re self-employed and need to keep an eye on your business, or work for someone else and wish to return to work, some policies allow you to work 10 hours a week while still receiving benefits.
• If you can’t afford comprehensive cover, you can cover yourself for accidental injury only. Considering the majority of claims are due to accidents, it’s a pretty sensible option.
• Trauma cover not only provides benefits for things like coma, intensive care, loss of limb or sight, major head trauma, paralysis and severe burns. It also covers you for the early signs of a heart attack, melanoma or cancers.
• Generally income protection and business expense insurance premiums are tax deductible. Plus you may be able to cover your premiums through your super.

Peter’s story

Peter, a high-achieving tradesman, suffered an injury that left him unable to work on the tools effectively. He was confident he could win enough work to expand his business using other tradespeople to do the hands-on work.

Through his income protection’s rehabilitation benefit, he had access to a business coaching program which focussed on helping Peter build a team of high-calibre tradesmen. Over seven month's his coach helped him create and work a business plan until he was convinced the strategy was working.

It’s essential to get the advice you need

With so many different types of life insurance available, it’s important to discuss your own insurance needs with a financial adviser to go through your circumstances and come up with a plan that’s built for you. 

^{Source: Asteron
1 “Key Work Health and Safety Statistics Australia, 2010” Safework Australia
2 “Causes of Death, Australia, 2010” Australian Bureau of Statistics}

This information is general information only.  You should consider the appropriateness of this information with regards to your objectives, financial situation and needs.

GTC Financial Services Pty Ltd ABN 94 010 624 914 atf GTC Financial Services Trust ABN 69 596 897 575 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523