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Builders Life InsuranceLast Updated: 2012 January 8Life insurance is one of the most important types of insurance for any builder. All builders know the importance of public liability insurance for their business, but life insurance can be even more important for your family. Life insurance can ensure that your family can survive without financial hardship in the event of your death.  As a builder you like to feel indestructible, but the truth is that bad things happen to good people every day. If you were to be killed on the job, or to die from any other cause, how would your family cope financially? Many builders carry large debts due to the capital intensive nature of the business, so it's important to have these debts covered by life insurance rather than having them passed to your loved ones. Builders life insurance can be setup to extinguish all of your personal and business debts in the event of your death, or upon diagnosis of a terminal illness. This way you can feel safe in the knowledge that your loved ones will not be financially burdened by your loss, and can instead focus on the important process of grieving.
First and foremost your life insurance should fully repay all of your personal and business debts. If you have alternative plans in place for your business debt, such as the sale of business assets, then you might not require additional life insurance to cover these amounts. In addition to covering debts most builders will also want to provide an ongoing income to their surviving family until they are able to support themselves. For some people this may mean just a few years worth of income, however for builder with a young family they may require income assistance for a decade or more. In the past many financial advisers said that you should have an amount of life insurance that is equal to a certain number of year's worth of income. Today this is seen as a very crude way of looking at life insurance, and instead you should be considering all of your family's needs rather than using a generic calculation.
The accidental injury option offered by some life insurance policies is very popular with builders. This option allows you to receive a partial payout of your life insurance if you suffer a serious injury that does not result in your death. The funds can be used to cover medical expenses and any potential lost income. Another feature that all life insurance policies should have is terminal illness benefit. This feature means that you will receive your full life insurance payout if you are diagnosed with a terminal illness and are given less than twelve months to live. This gets the funds into you and your family's hands sooner so you can start planning for their future. Not all life insurance policies are the same, so it is definitely worth shopping around for a life insurance policy that specifically suits you as a builder.
Insurance companies calculate their premiums using a range of different factors, and one of the major factors affecting insurance premiums is your occupation. Some insurers charge builders more for their life insurance due to the manual work that may be involved, but as we know, not all builders are on the tools every day. It is important to choose a life insurance company that understands the different roles within the building and construction industry. Here at Builders Insurance we are the experts at find the right insurance for builders, and we can help to find you the right life insurance for your needs. We can tailor a package that incorporates your life insurance and any other protection that you require such as income protection or TPD insurance. Our insurance experts will help to find you the right cover at the right price to suit your budget. For more information please contact us, or simply complete our builders insurance quote request to see how inexpensive it could be to protect your family financially.  Builder's InsuranceHere at Builders Insurance we specialise in offering the best insurance solutions for builders all over Australia.It doesn't matter what your trade is - if you are involved in the building industry we can help you to find the right cover, at the right price, with the least amount of paperwork and hassle. Contact us for a chat or follow the links to our obligation free online quote form.
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