Tradesman Income Protection Insurance Cover

Tradesman can put their hands to most things. There job is likely to be very labour intensive, they could be anything from a builder, plumber or electrician for example. Working as a tradesman you could either be employed or self employed and therefore if self employed would be reliant on being able to work and bringing your own jobs in, in order to receive a steady income which suits you. As an employed tradesman if you were off work due to sickness some companies will carry on your full pay, where  being self employed means if you do not work you do not earn unless you have a business which employs a number of people who can do the work for you. The simplest way of looking at thinking of whether or not you need some sort of insurance is to cover your income, what if one day you had an accident and were unable to work for at least a few months, what would you do if you did not have a regular income coming in. Some people think ahead and have a certain amount of money put aside in their business account for emergencies and therefore this could be used if needed. However, what would happen if you were off for a long period of time? Income protection insurance cover could provide you with an income, if you were incapacitated, for anything up to your retirement age.

As a tradesman, an income protection application will ask you various details about your day to day job. It would ask you the percentage of what you do on a normal day such as it will ask you to give them full details of how much time is spent on various activities. It would also ask standard questions which are needed for the underwriting of the application such as, does your job involve driving or working at heights. It would also ask you your annual salary so they could determine the amount of which you are eligible to be covered for on a monthly basis. The rest of the application would then follow on to ask you about your medical history, family history and some other basic details about yourself. All applications at some stage of the underwriting would need your bank details, the account of which you are happy for the monthly premium to the taken out of if you agree to the policy to be started on your behalf. If at some point in the future you change bank accounts you could either contact the provider or your financial adviser as they would be able to help you with any further matters you needed, whether it be to update your bank details, or you wish to change the level of cover if for example your annual income has increased over the past year or so as at some point your original income protection insurance cover may leave you short at some point of time in the future.