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Income protection for tradesmen

A tradesman or tradesperson refers to a highly skilled worker, usually in a manual occupation such as builders, contractors, electricians etc.

This type of hands-on job role can be enjoyable and rewarding for many. It can however, put you at increased risk of injury.

Around half of tradespeople have reported needing to take time off work due to work-related pain or injuries, with 3 in 5 experiencing notable lower back pain.*

With so much of your role relying on physical activity, if you were suddenly unable to work due to injury or illness, you could see a dramatic impact on your income.

Income protection insurance provides a safety net, with claims ensuring you can still pay bills if off work for an extended time due to illness or injury.

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You should be able to find excellent providers offering income protection for tradesmen – and often at very affordable prices.

Income protection can offer great levels of protection if you fall ill, much like CRITICAL ILLNESS COVER. The main difference between the policies is critical illness cover pays out one lump sum if diagnosed with a serious illness, compared to monthly payments.

Whether working for an employer or working as a sole trader with your own limited company, you may struggle financially if off work for a long period of time.

If employed, you will have access to limited funds in many cases such as statutory sick pay (SSP) and if self-employed you cannot access this support at all. This could leave you relying on savings or loans to get by if you don’t have a safety net in place.

Income protection can provide you with tax-free monthly payments, supporting you in paying your bills until you are back on your feet.

Does income protection insurance pay out for tradesmen?

Yes, you should receive a pay out on your tradesman income protection if you are left unable to work due to accident or sickness.

While accidental injuries are a key reason for many tradespeople to claim, there are other common conditions that will be covered by most policies. These include:

Compare income protection for tradesmen

Often the key factor to finding the right income protection policy will be comparing terms and prices across providers.

Income protection as a product is widely available with many insurance providers, meaning you have a great variety of options to choose from.

If you need help with your comparison or are unsure who can offer the best cover for your occupation, speak to one of our insurance experts. We have years of expertise in the insurance industry and an excellent knowledge of income protection as well as traditional life insurance, critical illness cover and more.

We can easily compare hundreds of deals on your behalf, saving you time and hassle whilst finding you the most competitive price.

YES – there are many brilliant options when it comes to income protection for tradesmen.

Tradespeople can be at higher risk of injuries that can affect their ability to work. This means it can be extremely useful to have income protection in place to avoid financial difficulty if you are left unable to work.

How much is income protection insurance for tradesmen?

Usually, income protection works out much more cost effective than you may think. A small payment every month can be very worthwhile and provide much needed extra financial protection.

Cheaper income protection for tradesmen

There are various ways you can reduce the cost of an income protection policy.

This includes the option of increasing your deferral period, meaning your claim payments are postponed for a set amount of time after you stop working. If you have savings in place you can rely on for a time, increasing the deferment period can help you save significantly.

Other factors to consider to lower your policy price includes:

Age – it is best to take out cover as early in life as possible to avoid higher premiums

Comparison – comparing policies across providers can reveal lower pricing in many cases

Get the right advice – make sure to speak to an insurance expert who understands income protection well, to make sure you are getting the most competitive price

Smoking – if you are a smoker you can often see an increase in your premiums so quitting or cutting back could reduce costs

Health and lifestyle factors – positive changes to your lifestyle such as losing weight or exercising more can help you lower policy costs

Pre-existing conditions – your policy pricing can be affected if you have pre-existing medical conditions. Speak to an expert for further advice.

The best policy when it comes to income protection will usually depend on the level of cover you need and your budget. There are several types of income protection policy you can choose from including:

  • Short-term income protection insurance: pay outs for 12 or 24 months from when you cannot work. Costs less than a longer-term policy and helpful for absences that are long term but not permanent.
  • Long-term income protection insurance: you can claim for longer as this policy is designed to pay out until you return to work. As there is more extensive cover, this policy tends to be the most expensive.
  • Guaranteed sick pay: cheaper than a full income protection policy in most cases. Will exclude pre-existing conditions and pays out for up to 6 months.
  • Personal accident insurance: pays out for injuries, accidental death and hospitalisation over 24 hours. The most cost-effective policy available.

As tradespeople often have a higher risk of workplace injury and musculoskeletal issues, it is likely at some point you may need to take some time off to recover.

There is also the possibility of being diagnosed with other common illnesses or conditions that could prevent you from working for an extended period.

Income protection insurance will provide you with a monthly benefit to cover between 50%-70% of your usual pre-tax income. These funds can provide vital financial support at an otherwise difficult time. You can use these funds to pay for expenses such as:

  • Mortgage or rent payments
  • Cost of living
  • Household bills
  • School fees
  • And more…

An income protection claim is a straightforward process, meaning you don’t have to worry about excessive hassle to get the money you are entitled to.

There are 4 simple steps which are:

  • Contact your insurance provider
  • Complete a claim form (usually online)
  • Submit medical evidence (if needed)
  • Submit financial evidence (if needed)

When your claim has been approved, you should receive payments directly to your personal bank account every month. This will only stop when you either return to work or reach the end of your claim period (usually 12 or 24 months).

What is income protection?

Income protection pays out a monthly tax-free sum to cover 50%-70% of your pre-tax income. You are eligible to claim if unable to work for an extended period due to injury or illness.

How does income protection work for tradesman?

You simply put a claim in, wait for approval and start receiving payments. Once approved you will receive payments until you reach the end of your claim period or return to work.

Is income protection insurance worth it for tradesman?

If tradesmen are unable to work due to accident or sickness they may struggle to get by and pay bills. Income protection offers a financial safety net that can be extremely helpful in this situation.

Can I get income protection for self-employed tradesman?

Yes, and if working on a self-employed basis, you may need income protection even more than most as you will not have access to traditional sick pay.

Find out more about SELF EMPLOYED INCOME PROTECTION.

*according to ElectricalTimes

Useful resources for tradesmen

Office for National Statistics – Construction industry

Citizen’s Advice – If you’re injured because of an accident at work

Health and Safety Executive (Gov.uk) – Non-fatal injuries at work in Great Britain

NSC – Top work related injury causes

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