Today, most high-income white-collar workers across Australia take income protection insurance. According to numerous studies and observations, employed trades people need such insurance more. Income protection insurance for trades people in construction, retail, and manufacturing industries is very important because these are the industries where there are more injured workers.
It is not surprising that employed trades people are more likely to get injured while doing their jobs compared to contractors and other workers in various occupations. Income protection insurance is one effective way such workers could make sure they would still have inflow of income even if they meet an accident or they get seriously ill, which would prevent them to work for some time.
Particular concerns are higher in the construction industry. According to the Australian Bureau of Statistics, about 13% of employed adults in construction firms incur injuries from minor to major accidents at work. To simplify the 2005 data gathered by the agency, a single construction worker in every eight could expect to incur any injury at work at one point in the employment.
We know that incurring an injury and not being able to work for some time would be stressful enough as both situations could mean inflow of income would be affected. Through income protection insurance, such trades people would not need to worry anymore when they meet inevitable accidents. Even if they get injured, they could be sure they could still get paid so they could continuously shoulder necessary expenses, which would not cease even if they could not work for some time.