17/01/2014, Michelle Hutchison, Professional Planner.
Any job has risks and a client needn’t have one of the most dangerous jobs in Australia to require adequate protection to safeguard them against the unexpected.
Findings from the Actuaries Institute show that one in three working Australians are likely to become disabled and unable to work for up to three months before turning 65. This places a significant number of people at risk if they don’t have sufficient cover in place.
One of the main contributors to risk is a client’s job – it’s one of the primary criteria used by life insurance providers to determine premiums. Underwriters will take into consideration all the health and safety risks that are associated with an occupation, in addition to other lifestyle factors, to determine the level of risk your client carries.
With so much of our lives spent in the workplace, it’s no surprise that the nature of our occupation plays such an important role in how we are assessed by insurers.
Most importantly, insurance providers will also take a closer look at the specific duties a client carries out. For instance, welders who perform the majority of their work underwater may be considered to carry higher risk than those who don’t; hence they’ll pay a higher premium.
While some jobs may carry greater risk than others, it doesn’t mean that white-collar jobs don’t carry any risks. In 2010-11, Safe Work Australia reported [that] more than 13,000 Australians who sustained serious injuries worked in the retail industry, while almost 10,000 workers were in the education, communications and finance sector.
No one likes to think of what impact unexpected death, serious injury or illness would have on their own lives and those close to them. Advising that clients take out adequate life cover and income protection can ensure that their financial obligations remain looked after should anything happen to them.
Let your clients know the risks associated with all types of jobs – not just the most dangerous kinds – and encourage them to consider and compare life and income protection cover. You could not only benefit from helping with their decision but also save them from the financial burden if something were to happen while they were on the job.
THE TOP 10 MOST DANGEROUS JOBS
1. COMMERCIAL FISHERS: Working at sea is considered to be 17 times more dangerous than mining, making i2t the most dangerous job in the world.
2. TRUCKERS: In 2011, 200 fatal crashes involved truck drivers and that was 15 per cent of all road fatalities that year. A federal government report also showed that truckers are 10 times more likely to die on the job than in any other occupation.
3. FARMERS: Being a farmer in 2008 would have landed you in the Top Three most dangerous jobs in the world.
4. MINERS: Toxic gases and explosions contribute to the deaths of around 60 mining workers each year.
5. CONSTRUCTION WORKERS: Leighton Holdings pointed out that 40 to 50 deaths on average will occur at Australian construction sites each year, with 13 construction workers having died so far this year.
6. TREE LOPPERS: As a tree lopper, you face the threat of overhead electric wires, unsteady branches and working with chainsaws. Between 2010 and 2012, five tree loppers were reported dead in Sydney alone.
7. DEFENCE FORCE: Police officers deal with the risk of infectious disease, abuse, injury, assault and death on a daily basis. At least one police officer is murdered every year in Australia.
8. FIREFIGHTERS: Unruly bushfire seasons put firefighters in high demand. The deaths of many firefighters are caused by heart attacks (44 per cent), trauma (27 per cent), crashes (20 to 25 per cent), burns and asphyxiation (20 per cent).
9. PILOTS: Adverse weather conditions and possible mechanical failures can affect even the most experienced commercial pilots, making the job high risk.
10. GARBAGE COLLECTORS: In addition to possible accidents on the road, garbage collectors are exposed to toxins and chemicals on a daily basis that can lead to long-term health damage.
Source: lifeinsurancefinder.com.au and http://www.professionalplanner.com.au/risk/a-safe-job-doesnt-change-the-need-for-adequate-insurance/?utm_source=newsletter&utm_medium=email&utm_campaign=PP
This editorial provides general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your particularly investment objectives, financial situation and individual needs. Charter Financial Planning and its authorised representatives do not accept any liability for any errors or omissions of information supplied in this editorial. Charter Financial Planning Limited ABN 35 002 976 294 AFSL Licence No. 234665. Principal Address 750 Collins Street GPO Box 2830AA Melbourne VIC 3000.