Electricians income protection
Electricians work hard and often on a self employed sole trader or contract basis. This can allow for a level of flexibility in working hours, which is very appealing for many.
According to Statista.com, there are around 40,500 electrical engineers currently working in the UK.
If you were unable to work due to long term illness or injury, you could see a significant impact on your monthly income – particularly if you are working as a sole trader rather than for an employer.
This is where electricians income protection could act as a vital life line. An income protection insurance policy can provide you with a monthly payment of between 50%-70% of your usual pre-tax income. This will support you in paying for bills while you take the necessary time off to recover.
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Electrician income UK
Electricians earn a decent wage per year in most cases. The approximate income in the UK is between £30,000 to £40,000 per year as an average electrician salary.* Newly qualified electricians will likely be on the lower end of the scale, with wages increasing as experience does.
This leaves being an electrician a very attractive career choice with great earning potential. You will of course need extensive training though.
With this high level of income, a sharp decrease or complete stop in working could cause you to need to make some drastic lifestyle changes to get by.
Will income protection insurance cover electricians?
You can receive excellent levels of cover with electricians income protection. It is great insurance for self employed electricians in particular to have in place to safeguard their finances.
There are several types of income protection policy available, meaning you can choose the policy best suited to your budget and the level of cover you need.
If you are working on a contract basis or as a sole trader, you may not be able to access traditional government sick pay (statutory sick pay or SSP). There is a support scheme known as employment and support allowance (ESA) that you may be able to access but there are strict guidelines for eligibility and the funds are limited.
Does income protection insurance pay out for electricians?
YES – you should be able to receive a pay out from electricians income protection, if you cannot work for an extended time period due to illness or injury.
There are various conditions and injuries covered by most income protection policies. Some common reasons for electricians income protection claims include:
- Heart attack
- Mental health conditions (e.g. depression, anxiety, stress)
- Serious injury (accidental)
Compare electricians income protection insurance
Electricians income protection is often more affordable than you may think. It is still however a good idea to compare available policies and providers to determine which has the best terms for the most reasonable price.
Our experts can help you find the cover you need at a very competitive price. We can take all relevant information about your occupation, health and lifestyle to find the policy most suitable for your needs and budget.
Can I get income protection insurance for electricians?
YES – electricians can access great income protection policies at excellent prices.
With so many electricians currently working in the UK, insurance providers will have provided cover for many people in your profession.
This means most will understand your needs well plus any additional risks associated with your job role (possible high risk of electrocution for example).
How much is electricians income protection?
The pricing for electricians income protection can vary depending on the provider as well as other factors such as health conditions or dangerous hobbies.
If you compare policies across providers, you will often be able to find a policy that has better terms at a better price for your needs.
Cheaper electricians income protection
When looking to lower the price of your policy, there are various factors that can affect the price you pay including:
Age – the cost of your cover will increase as you age so it is best to take out a policy as early in life as possible
Comparison – comparing the policies each provider offers can often reveal one with great terms and a far lower price
Get the right advice – speaking to an advisor who has expertise with income protection policies can help you find the providers offering the best cover for less
Smoking – smokers often face higher prices when it comes to insurance so quitting or cutting back can help reduce pricing
Health and lifestyle factors – adjusting your lifestyle slightly can have a positive impact on policy pricing such as losing weight or exercising more
Pre-existing conditions – pre-existing conditions can affect policy pricing. Speak to our experts for further advice.
Best electricians income protection insurance
There are varying policy types and levels of cover when it comes to electricians income protection. This allows you to adapt your cover to your budget and needs. The main types of income protection are:
- Short-term income protection insurance: pays out for 12 or 24 months from when you claim, after a deferred period. Will cost less than a long term policy while still offering substantial cover.
- Long-term income protection insurance: this will pay out until you return to work and can cover extremely long absence periods. With this policy being so comprehensive, it will usually cost the most.
- Guaranteed sick pay: Excludes pre-existing conditions and will pay out for up to 6 months. Generally less expensive than other forms of income protection.
- Personal accident insurance: Will pay out for injuries, accidental death and hospitalisation over 24 hours. The lowest cost option for income protection.
There are also other life insurance policies you could consider taking out such as critical illness cover. This cover can also be beneficial but will only provide one lump sum rather than consistent tax free monthly payments.
Why do I need electricians income protection?
Some electricians can work for an employer meaning they will have access to SSP and potentially a workplace sickness scheme. These funds will only last a set amount of time and will be limited compared to your usual income.
Many electricians work on a self employed basis, or via contract working. This can leave income sources very vulnerable, meaning being unable to work could limit or completely stop any income being received.
How do I claim on income protection insurance for electricians?
Claiming on an income protection policy is far simpler than you may believe. There are 4 steps you will need to complete which are:
- Contact your insurance provider
- Complete a claim form (usually online)
- Submit medical evidence (if needed)
- Submit financial evidence (if needed)
Common questions about electricians income protection
What is income protection?
Income protection will cover 50%-70% of your pre-tax income with a monthly payment. You can claim this if illness or injury prevents you from working for an extended time period.
How does electricians income protection work?
It will work in the same way regardless of profession. You simply pay your monthly premiums and put in a claim if needed. This will then pay out for the set period outlined in your policy.
Is income protection insurance worth it for electricians?
Income protection can provide electricians with much needed financial support, if an illness or injury affects your ability to work as normal.
Can I get income protection for self-employed electricians?
Many electricians work on a self-employed or ‘sole trader’ basis. There are great income protection policies available for self employed people. In fact, if you are self employed you may need the additional support more than most.