In recent years the mining industry has experienced rapid growth and an influx of workers attracted to the high salaries and benefits that a mining occupation offers. With excellent income at their disposal, many mining industry employees find they have good borrowing capacity when it comes to purchasing a home and vehicle, and that they’re able to enjoy a good lifestyle. Many seek income protection insurance to safeguard an income and lifestyle that could be seriously compromised if a non-work related injury or illness prevented them from working.

If you work in the mining industry and are looking for an income protection policy, there are a few important factors to take into consideration.

As mining is a high-risk occupation, certain professions within the mining industry are usually considered ineligible for income protection insurance.  These include underground workers and those working with explosives.  For other sectors of the mining industry income protection claims may be limited to a 2 or 5 year time period.

Whatever your occupation within the mining industry, there is a good chance that you may not be considered eligible for Total Permanent Disability (TPD) insurance. There are alternatives to TPD insurance that can offer similar benefits in the case of a serious accident causing permanent disability.  If you are refused TPD on the grounds of your occupation, your insurer may be willing to offer you a Loss of Independence (LOI) definition instead.

If you work in a high risk mining occupation you can usually still receive a reasonable standard of cover under trauma protection, which is available across the industry.  Depending on your individual circumstances and which mine you work for, some insurers may be prepared to make accommodations so it is well worth taking some time to seek advice and find the best income protection insurance provider for your individual circumstances.

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