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Income protection insurance for offshore workers can help pay for the bills if you're sick or injured and can't work. Due to the risks involved in the job, you may be considered special or high risk. This basically means your premiums are likely to be higher so comparing and shopping around is vital.
Regardless of whether you work offshore or not, we've made it easy to compare cover for gas and oil workers. Simply go to the provider site and put your details and occupation in to get a quote.
An adviser can help you find cover from trusted life insurance brands.
The nature and location of oil and gas work means that it has a higher degree of risk than most ordinary jobs. These risks include:
According to SafeWork Australia's Work-related Traumatic Injury Fatalities, Australia 2015, four percent of all worker deaths in Australia occur in the mining industry, which employs many gas and oil workers. A further two percent of fatalities occur in electricity, gas, water and waste services.
Oil and gas workers can take out different types of insurance to help protect their income. Income protection policies pay a benefit similar to your income if you are unable to work. It is usually offered in a couple of forms. Here are the general differences:
Oil and gas workers could also look at getting life insurance or a disability policy. Life insurance will pay a lump sum benefit to your family if you die or are declared terminally ill. A disability policy or ‘living’ insurance, pays a benefit to you if you become permanently disabled. Most insurers will offer all three forms of insurance, and you can typically buy them as a package.
Both manual workers doing physical tasks and technical staff doing administrative tasks can get income protection insurance. The premiums will be higher for those whose work is more physical in nature. Here are some different occupations within the oil and gas industry that can get income protection insurance:
Oil and gas workers will generally be considered higher risk than typical construction and engineering positions. However, the specific classification will depend on your occupation and tasks. General oil and gas workers will be classified as ‘special risk’, which means that further information will be required for the insurance company to determine a premium. Some occupations in oil and gas industry, such as firefighters, are uninsurable.
It's hard to give exact figures given that every worker's needs and income are different. The price you pay for income protection insurance depends on:
The following graph shows some examples of cheap and expensive income protection policies for a gasfitter. They are examples only but can give you a rough idea of what someone in the oil and gas industry might pay.
*These are example quotes only based on a 35-year-old non-smoking male gasfitter living in NSW. These quotes are accurate as of June 2017 and may vary for each individual.
Here are some features everyone needs to consider when looking for income protection insurance:
Oil and gas workers should specifically consider:
As an employee in the gas and oil industry you'll have certain income protection benefits through WorkCover, the nationwide workers compensation scheme that's administered by the various state and territory governments. Some self employed contractors in the industry may also enjoy the same protection but at its best WorkCover is quite limited in its scope with benefits being tightly controlled.
It is this insecurity that has many workers in the industry taking out their own income protection insurance. This type of insurance also offers far broader cover, protecting you 24 hours a day, seven days a week, anywhere you travel throughout the world.
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