Do truck drivers need income protection more than life insurance or vice versa? Truck driving is a risky job. The moment a driver steps on the accelerator, he or she is bound to go head to head with hazards on the road. Accidents can also happen in the blink of an eye. But while these risks and hazards continue to challenge the lives of truckies, it is essential to have a safety net in place. Two of the most common insurance being offered are truck driver life insurance and income protection. On whichever protection should be prioritized, read on.
Are you the family breadwinner? If you are then, it is easy to assume that you know precisely the needs of your family. From household expenses like groceries and utilities, house rental or mortgage, car loan, credit card, school tuition, and so on. Add to this the lifestyle expenses like family travel or going to the movies, gym membership and so on. Then, there’s medical and dental costs as well as that of the vet’s, if you have pets. Keep in mind also that rehab or post-hospital therapy is sometimes not covered. Basically, your life is all about meeting all these expenses to make sure that everyone live satisfactorily.
But what will happen when, in the absence of a WorkCover or workers compensation, you fall ill or got injured in an accident? This is where income protection comes in. If you are self-employed while running a household single-handedly, income protection insurance provides short-term relief to all your woes. It ensures that your current debts won’t snowball. Truck driver income protection Australia guarantees that your family continue to live the same lifestyle while you recuperate. It offers a sense of continuity and benefits can be enjoyed while you are still alive.
Life Insurance for Truckies
On the other hand, life insurance offers almost the same level of protection for your loved ones. Financially, it offers a huge cash lump sum allowing family members to go on with their lives– even when you are no longer around. While income protection may also offer a death benefit when an insured party suddenly dies, its main purpose is still to ensure steady flow of income– while you’re still breathing.
Life insurance is primarily anchored on the assurance that the family you left behind will be cared for financially. Its benefits are designed to compensate your non-presence in the form of sustenance for the people you love. It will cover expenses for spousal and children support, including the usual expenses incurred on a day to day basis. The benefit varies according to your policy. Often, higher premiums tend to deliver bigger remuneration.
While a truck driver life insurance comes highly recommended, financial experts also strongly suggests income protection as an add-on specialty insurance. This short-term financial solution is a strong wall to lean on by family members should you fall ill or get injured– even when not in line with your job and while you’re still alive. Overall, both insurance policies are excellent protection to obtain. To learn more, call our hotline or send us a request for consultation now.