Income Protection Insurance for Gas and Oil Workers

Working in the gas and oil industry can be rewarding in terms of finances, and many people make a good living working in this industry. However, this is an industry that also comes with higher risks when it comes to workers contracting illnesses or suffering injuries as well as being one where many workers have fluctuating hours and income, although this is not always the case.

Taking these various factors into consideration, it is easy to see why gas and oil workers often find it more difficult to get valuable protection such as income protection to help them to weather the financial storm in the event that they are unable to work and earn a living as a result of sickness or injury. Whilst income protection insurance in Australia does not protect against redundancy, the cover is still invaluable because none of us know when an accident or illness could put us out of action for a while, and the higher risks associated with the gas and oil industry means that workers in this particular field could be at heightened risk of being taken ill or injured.

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This does mean that gas and oil workers represent a greater risk to insurance firms, which in turn means that getting protective insurance to safeguard at least part of their income in the future could be more difficult and expensive that for regular workers. However, it is possible to get some competitive deals on income protection insurance for gas and oil workers, which makes it all the more important to compare the deals on offer from a range of providers so that you can get the best deal possible on your cover.

more and more insurance providers are now offering affordable income protection insurance for gas and oil workers, which will boost your chances of being able to find the right cover at the right price.

According to reports, more and more insurance providers are now offering affordable income protection insurance for gas and oil workers, which will boost your chances of being able to find the right cover at the right price. The increasing choice of cover for those working in this industry means that you can now get the protection that you want for your income, despite being in an industry that represents increased risks.

You can compare income protection insurance for gas and oil workers with speed and ease via the Internet, which is the most simple and effective way of finding cover that is perfectly suited to your requirements. You need to make sure that you check key areas of the plan before you make your decision, as this will help to ensure that you do not end up compromising on your cover or paying too much for your plan. Some of the areas of income protection insurance for gas and oil workers that you need to compare includes:

  • The premiums that you have to pay: For most people in the current climate, the cost of premiums is a very important consideration and this is also true for gas and oil workers. The cost of income protection can vary from one plan and provider to another, so you need to make sure you check out what's available
  • The level of coverage that you are able to get: You should make sure that you compare the maximum level of income that you can protect with any of the plans that you are considering. This generally goes up to 75 percent of the standard income but can vary significantly, particularly with specialist income protection plans for specific occupations
  • What the features of the plan are: You will need to check and compare matters such as the choice of benefit period that the different providers offer, so you know how long you may be covered up to. You also need to look at your options when it comes to how long you wait before being able to make a claim

Why Gas and Oil Workers Still Need Income Protection Even if You Have WorkCover

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 and often slow in being paid.

It is this insecurity that has many workers in the industry taking out their own income protection insurance particularly since the NSW government tightened up on how the scheme was to operate in that state in the future by cutting out certain benefits that were there in the past and shortening the term benefits are to be paid over. WorkCover is always subjected to state and territory budget considerations and therefore always subjected to change. It's believed the Victorian and Queensland governments are looking at making similar cuts to their WorkCover entitlements in a similar way as NSW has already done.

One of the areas in which the NSW state government has tightened up a workers ability to make a claim for benefits is that of going to and from your workplace. Claims will only be considered in the future if the injury or illness sustained on the way to and from work can be proven to be work related. This means that WorkCover should only be looked on as being minimalist and that for total cover you need to take out your own income protection insurance where you know you'll have full cover 24 hours a day, seven days a week, anywhere you travel throughout the world.

The frailties of WorkCover are based around the following facts:

  • You are only covered while you are actually at work, not when off work
  • You will receive a lump sum or regular payment as compensation if you become injured or ill at work but the administrators of WorkCover still have the power to withhold payments until your level of disability is clear
  • You won't necessarily receive any WorkCover benefits when you first become injured or ill. The process can sometime be slow and you still have to pay your ongoing living costs in the meantime.

How You Can Benefit from Income Protection Insurance for Gas and Oil Workers

With income protection insurance for gas and oil workers you can benefit in a number of different ways. Of course, the main benefit is that if you are unable to work and earn your wage as the result of an accident or injury, you will be able to ensure that you still have a large percentage of your regular income to rely on, which means that you can focus on your recovery and getting back into work rather than stressing about your finances. The keys benefits of having this sort of cover in place include:

  • Peace of mind for the future
  • Protection against events that are out of your control
  • The ability to continue paying bills and essential payments if you cannot work and earn through illness or injury
  • Being able to focus on getting back on your feet in the event that you cannot work due to sickness or injury, rather than having to worry about finances

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Compare income protection quotes from these direct brands

Product details Maximum cover Maximum Entry Age Cooling-off
(days)
Income Protection
Income Protection
Cover up to 85% of your income up to $10,000 per month if you can't work due to sickness or injury. Cover for over 1,000 jobs and full-time, part-time and self-employed. $10,000 60 30 Get quoteMore info
NobleOak Income Protection
NobleOak Income Protection
Receive up to 75% of your income each month to a maximum of $25,000 if you can't work due to serious illness or injury. $25,000 59 30 Get quoteMore info
Income Protection
Income Protection
Receive up to 75% of you income (up to $10,000 per month) of your income if you're unable to work due to serious illness or injury. $10,000 59 21 Get quoteMore info
Ezicover Income Protection
Ezicover Income Protection
Cover up to $12,000 income replacement when unable to work in any occupation due to sickness or injury. First month of cover is free. $12,000 60 30 Get quoteMore info

Maurice Thach

Maurice is a publisher for finder.com.au. Daily research of Australia's insurance offerings allows him to breakthrough the noise of the many policies out there to uncover what can (and can't) be covered. Maurice hopes to make finding the right insurance easier for all.

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