Top Considerations on Income Protection Insurance For Owner Driver

Truck Insurance

Year after year, many truck drivers across the UK find themselves in a financial turmoil due to work absences resulting from injuries sustained or from debilitating illnesses brought by the noted risks in the transport business. While others got themselves covered by their employers WorkCover policy, some are not as lucky. Truck owners who drive and do business with their own vehicle as short-term contractors often suffer the most in this regard. With the evident risks of truck driving, it is only fitting to find the right income protection insurance for owner driver.

While income protection is truly a saving grace, finding the right one for you can be quite tricky. To get you started in finding the right income protection insurance, the following considerations must be taken into mind.

  1. Reliability of Insurer. Most, if not all, insurers often promise delivering the best cover possible. Many of them also offer almost the same policies and perks, thus decision on who to pick can be quite taxing. The goal is to find a reliable insurer, one with a track record to deliver claims fast and without any difficulties. While searching online or talking with friends may give you a hint, seeking out the advice of professionals can help. Be reminded that your friend’s circumstances may be different than yours.

  2. The structure of your income protection insurance for owner driver policy has direct impact to your premium cost. Some people reduce their premium payment by increasing the waiting period. This, however, can prove to be devastating to truckies and their families who only live by payday after payday. When family members rely on one’s income to cover their daily expenses and no savings have been lodged to the family’s coffers then, extending the waiting time will only bring more woes than relief. The idea in structuring your income protection insurance policy therefore, must be largely dependent on how long the family’s savings will allow to support everyone’s needs.

  3. Take time to understand the various choices laid out on you and make sure to have them explained in full. Stepped policy, for instance, will have premium payments calculated according to your age. This essentially increases as you aged. Level income protection premium structure, on the other hand, may seem costlier at the outset but payments remain constant even when you get older.

  4. Just how much will you need also matters. Some truckies choose agreed value option as it provides a sense security to know the actual benefit amount to be received when making a future claim. However, indemnity value also proves to be a great choice as benefit payment is usually structured to reflect that of your current income when making a claim.

The Affordable Insurance

Many truck owner-drivers tend to forego income protection insurance due to the added cost of paying premiums. Truth be told, it is considered by many as one of the most affordable policies. Generally, the cost of its premium is tax deductible allowing you to enjoy more of the benefits while shelling out a fraction of its original premium cost. Overall, choosing the right income protection insurance for owner driver must be carefully scrutinized. As much as possible, seek out the guidance of a competent financial advisor to find the best structure to suit your needs.

Photo Credits:  https://injuredbytrucker.com/why-truck-drivers-may-be-falling-asleep/

Income Protection Insurance for Owner Drivers online.

Income Protection Insurance for Owner Drivers Australia.

Income Protection Insurance for Owner Drivers Australia online.

Cheap Income Protection Insurance for Owner Drivers.

Cheap Income Protection Insurance for Owner Drivers Australia.

Protect yourself and your family when injury strikes. We can help you by calling our office or enquiring online.

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