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Nobody likes to face uncertainty about their future, particularly when it comes to health and finances. Miners are amongst the groups of workers who face higher risks as part of their jobs because of the dangers that they are exposed to.
Miners face high risks on the job, which means that they are more at risk of illness or injury that could render them unable to work, risking their income. Pay for mining work is high, as are the risks, making it vital for workers to protect themselves to make sure they don't get the short end of the stick.
One thing that can offer miners peace of mind is having a specialist income protection plan to ensure that the financial impact of an unexpected injury or illness is minimised.
It is always important to consider how you would cope with your various financial commitments in the event of being unable to work and earn an income, particularly if you have become used to a relatively high income. Without your wage coming in, even paying bills and buying food can become a challenge.
Having specialist miner’s income protection in place means that you would still be able to bring in a percentage of your income even if you were laid up with an illness or injury, giving you vital breathing space to get back on your feet.
Miners may have to pay a bit more than average to get income protection cover. But it all depends on the nature of your work and how much you earn. Figures from Payscale.com suggest the average incomes for various mining jobs:
Profession | Average annual salary | Average monthly quote |
---|---|---|
Mining Engineer | $130,436 | $63.12 |
Geologist | $99,396 | $63.12 |
Reliability engineer | $107,798 | $63.12 |
Heavy equipment operator | $98,212 | $158.07 |
These quotes are examples only and are based on a non-smoking 35-year-old male from NSW. Your actual quotes may differ from those shown. These quotes are accurate as of November 2019.
When you're shopping around for income protection insurance you need to have a clear idea of your individual circumstances and insurance needs. Here's what you need to look for:
Australian companies are required to provide workers' compensation insurance to their employees, including miners. While worker's compensation can offer effective benefits if you are injured on the job, it is much more limited than income protection insurance.
The first problem is that workers' compensation is very different in each state, and it can be difficult to know what benefits you may be entitled to in the event of a claim.
Learn more about income protection and workers' compensation.
Here are some more reasons to consider income protection even if you have workers' compensation:
Get a preliminary quote for miners income protection insurance
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