Work as a personal trainer? Receive quotes for Income Protection and protect your income in case you suffer a serious injury or illness.
As a personal trainer, you need to be able to remain physically active in order to perform a role for your clients. But if illness or injury ever strike you down, you may find yourself unable to earn an income for months, even years at a time.
How can income protection help me if I'm a personal trainer?
Income protection provides you with:
- An going benefit to help replace up to 75% of your regular income while you recover from an injury or illness
- Cover that can continue even up until you retire
- Tax-deductible benefits on your payments
Read to understand how income protection can benefit personal trainers or if you're ready to compare policies, fill out the form below.
Compare income protection from these direct brands
Some of the key reasons that personal trainers should consider income protection include :
- Reliance on physical ability. If you're a personal trainer, you generally need to be fit and healthy in order to perform your everyday duties. If you're injured, then your return to work may take longer than someone who relies less on using physical movement for work.
- Being self-employed personal trainer. If you're a personal trainer and self employed you won't be entitled to sick leave. Additionally, you may not be entitled to WorkCover benefits.
When you’re shopping around for income protection cover, you’ll need to realise that there are a number of factors that can affect how your insurance premiums are calculated. These include:
- Your age. It’s a sad fact of life that we are more prone to illness as we get older, while it also takes us longer to recover from any injuries. As a result, you can expect to pay more for cover if you’re getting a bit long in the tooth.
- Your gender. Men and women are more prone to certain health risks, so this can affect the cost of your insurance premiums.
- Your smoking status. We all know just how bad cigarettes are for us and the myriad illnesses and diseases they have been linked to. If you’re a smoker, you’ll receive a sizable increase in the amount you have to pay for cover.
- Your occupation. Some jobs expose you to a higher risk of illness or injury than others, which will of course be reflected in your premium. For example, an underground miner is going to be exposed to significantly more risks than an office worker.
- Your regular income. This will influence the benefit amounts your insurance provider will have to pay you, so you can expect to pay more for a higher level of cover.
- The options you choose. There is a wide range of options you can elect to have added to your income protection policy to increase your level of cover. In addition, the waiting period (the time between when you become unable to work and when you receive your first benefit payment) and benefit period (the length of time for which you will receive benefit payments) you select will also influence the cost of premiums.
Take advantage of the following handy pieces of advice when you’re shopping around for cover:
- Declare all aspects of your income when applying for cover. As well as your salary, this could include bonuses, overtime and other fringe benefits.
- Make sure you understand the difference between the waiting period and the benefit period. Choosing a longer waiting period can reduce your premiums, but it will also mean you might not have enough leave to cover you until your benefit kicks in.
- Your life will change over time, perhaps in the form of a big pay rise or taking out a mortgage. This will influence your income protection requirements so remember to review your cover.
- Be aware that this type of cover may be available through your super fund. If this is the case, take the time to assess the level of cover your fund offers.
- Compare a range of policies. Don’t just choose the first policy you come across. Read product disclosure statements closely to assess the benefits, limits and exclusions offered under competing insurance plans.
- Choose between an indemnity value policy and an agreed value policy. Agreed value policies mean that you agree on a benefit amount with your insurer when you take out cover, while an indemnity value policy will require you to prove your income at the time of making a claim.
Personal trainers can also benefit from taking out other types of insurance policies in addition to income protection cover. Policies every personal trainer should consider include:
- Professional indemnity insurance. If you give the wrong advice, create an unsuitable training or diet plan or are negligent in some other way when providing your services, your client could suffer a loss of some sort. This can include medical costs, time off work and stress for your client, and they may seek compensation as a result. This is where a professional indemnity insurance policy kicks in. It provides cover for claims of negligence or professional misconduct brought against you, including the legal and court costs involved in your defence plus any compensation you are required to pay.
- Public liability insurance. Public liability covers you against breaches of your responsibility to the general public. It is designed to cover your legal liability if a third party suffers an injury or property damage as a result of your business operations. The cost of defending and/or settling such claims will be covered by your policy, and these two forms of cover are essential considerations for all personal trainers.
Q. Do I really need this type of cover?
- A. Income protection is a vital form of insurance cover for many personal trainers. It ensures that you will continue to be able to provide for yourself and your family even if you are unable to work. Having this type of cover in place simply makes good financial sense.
Q. How long will I receive benefit payments for?
- A. This will depend on the benefit period you select when taking out cover. These benefits typically range from six months up to five years.
Q. Do I need to keep paying premiums while I’m off work?
- A. No. If you are receiving an ongoing benefit under your policy, your premiums will be waived until you return to work or the benefit period ends.
Q. How can I find the right policy for me?
- A. The best thing you can do is conduct plenty of research and shop around. Read product disclosure statements carefully and use finder.com.au’s comparison tools. If you need further assistance, consult a qualified insurance consultant.
While the exact level of cover offered will differ from one policy to the next, insurance providers will typically not pay claims for income protection cover if:
- The claim is the result of an intentional self-inflicted injury or attempted suicide
- The injury or illness you suffer is a result of war or acts of war
- The claim is a result of uncomplicated pregnancy or childbirth
- The claim is a result of service in the armed forces, except if you are in the Australian Army Reserve and not deployed overseas
Receive a quote for income protection for personal trainers
If you're a personal trainer looking to take out income protection cover, you can receive a quote by making an enquiry through the form located above. An insurance consultant will get in touch to discuss different policy options available and to provide you with a quote for cover. There is no obligation to sign up for cover when making an enquiry.