Do earthmovers need life insurance? - Contractors Insurance Australia

August 24, 2015

Life insurance isn’t one of those topics that are generally at the top of everyone’s discussion lists. In fact, it tends to sit further to the bottom, along with wills and other subjects of that nature. However, it’s one of the more important things you should be thinking about, as life insurance for earthmovers is an important policy to obtain within the industry. Read on to find out the reasons why life insurance for earthmovers is important, how to get cover and some ideas around what it may cost.

Why get life insurance?

Given the nature of the earthmoving and excavation industry, there are a many number of risks associated with the large equipment and machinery. Accidents resulting in injury or death can unfortunately occur, often when least expected, and you need to ensure that in the case of your accidental death, your family are covered for costs and living expenses. Life insurance for earthmovers would cover you for these.

How can I get life insurance?

Life insurance is a pretty standard application process across the board, but allow us to explain a little behind the process. Firstly, your policy and coverage amount needs to be determined by you answering some simple questions relating to your income, expenses and assets, as well as your spouse’s financial situation and the age of your dependents. This information determines how much your beneficiaries require to survive in the event of your death, and in turn, how much they would be paid out after you die. You’ll then need to complete a life insurance for earthmovers’ application which asks personal information relating to your body, health and lifestyle, such as height, weight, age, if you smoke/drink and other medical related questions. In some cases, a medical exam will need to be undertaken to determine any pre-existing conditions that may affect the amount you can be insured for, the policy and any other conditions relating to the policy. An underwriter then reviews your application, which will either be accepted or denied based on the results of your application and how risky they deem you to be.

How much will life insurance cost me?

It all depends on how much you insure your life for as to how much the premiums will be. The higher the amount, the higher your premiums will be. Additionally, the more ‘unhealthy’ the underwriters deem you to be, the higher your premiums will generally be, so you can try to reduce your premiums by quitting smoking, losing weight and reducing alcohol intake. The longer your life expectancy, the lower your premiums would be as the life insurance company would have more years to collect your premium payments. You can also pay your life insurance premium through your super, which could be an option for you. One of our representatives can discuss this with you.

If you want to find out more about how much life insurance for earthmovers will cost you, you can get a quote online or call our office on 1300 GETCOVER (1300 492 862) to speak to our Contractor Cover real-life team.

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