If you have a family and work in a high risk (and usually high income) occupation such as the mining industry, taking out life insurance could be a wise investment in your family’s future – it can help you ensure that in the event of your death your dependents receive adequate financial support and are well provided for in your absence.
Life insurance is designed to provide a lump sum payment to your nominated beneficiaries in the event of your death or in some cases, after the diagnosis of a terminal illness. This payment can be used to ease financial hardship for your loved ones and help minimise the impact of your death on your family’s standard of living.
As a mining worker, it may also be well worthwhile including a comprehensive trauma policy as part of your life insurance. High risk professions such as mining are often excluded from Total Permanent Disability insurance and other forms of income protection cover. Trauma insurance may provide protection for you and your family in the event of a serious illness or injury that impacts your ability to work, such as paralysis or loss of limbs.
Trauma and life insurance for miners can be purchased individually or as part of a bundle, depending on your personal preferences and individual circumstances. Some occupations within the mining industry, such as underground workers or explosive handlers may incur a premium loading for life or trauma policies. This varies considerably between insurers so it’s worth obtaining advice from a professional and comparing all possible options before you decide to purchase a life insurance policy.