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Is Insurance Boring or Are the Numbers Actually Fascinating?

Posted: 16/02/2012 5:00:00 AM by AMMA Mining Oil and Gas Jobs
Filed under: Energy, Mining, Oil-and-gas, Australian-Life

Today we introduce guest blogger Michael Ord, owner of Miners Insured and Coremotion Financial Services. Michael is a risk management expert working with miners and professionals in remote locations throughout Australia and overseas. He’s providing food for thought about what it means to manage your own risk. Over to Michael.

Did you know more people are killed annually by donkeys than die in air crashes?

Or how about this for another unlikely fact- the most dangerous cars are green.

Before you tune out, can you tell me what is worth more than $4.8 million dollars and is NEVER insured for full value? Did you need a few more hints? The answer is you, of course.

How can I be worth all that?

Think of it this way, you might spend 40 years in the work force and the average income of a miner is around $120,000. In engineering or a highly technical role, it will be far higher.

We all know what is normally insured:
  • Cars
  • Boats
  • The Bike (naturally)
  • House
I bet you haven’t thought about adding yourself to that list now you have a new job with great income. You insure a new car before you even leave the dealership. What are you doing about your own person?

That’s what Workers comp is for, isn’t that right? Wrong.

Why worker’s compensation isn’t enough

Don’t get me wrong, workers comp is crucial. But you need to ask yourself the question; is it comprehensive enough for an occupation and/or industry with a higher than normal income? Keep in mind, each state has a different set of rules and regulations. Some pay out only for months of work while others pay for years.
According to the Australian Bureau of Statistics, more than 650,000 workers suffer lost time injuries yearly, but only 230,000 are paid any form of workers compensation. What’s more, only 25 per cent of all injuries happen at work.

The way I see it is, ’this horse is far from a winner’.

But hey, it is only $4.8 million of your potential lifetime earnings, give or take.

What about when you’re not at work?

What happens in the case of illness or an injury that occurs outside of work?
You should probably consider income protection and life cover. There are three major insurers that will cover you, which is considerably better than three years ago, when we only had one. We have a fourth insurer about to start competing in this space, making things even more competitive in price for you.

Income Protection is tax deductable and should cost on average 2% to 3% of your income, not a bad return or cost, especially if you ever need to claim.

Close to a quarter of you will hurt yourselves enjoying your leisure activities. More than a third will do it while just around the house, maybe getting those necessary chores done while home for the week or weekend.

What about sick leave?

We haven’t even mentioned getting sick, which is why we have sick leave, right? Maybe you should answer these questions:
  • How much do you have?
  • Is it enough to get you through a surgery and the recovery period?
  • Is it sufficient for a cancer treatment or an extended illness?

You might want to consider income protection, or in the very least, a trauma policy.

Don’t forget holidays

What about those trips overseas we all love. Australians made 7.8 million trips last year to overseas destinations, thanks to a strong dollar. Did you know around 47,000 Australians get seriously injured every year while on holiday - yet 30% of us don’t bother taking out travel cover. You might want to consider that, according to the Department of Foreign Affairs and Trade, the cost of a hospital in Southeast Asia is $800 a night. Sadly, some of us die overseas every year, at a rate of around 1,000 per year, so that’s a consideration for all who travel.

You can’t overlook health insurance

Health insurance is something that is also important and has various benefits depending on your circumstances. Just ask a client of mine who wanted the best plastic surgeon money could buy when he crushed the top of his finger but had cancelled his cover 2 months earlier.

So when you have some free time, think about whether you have your most important asset insured. That would be you.

Recommended Resources:

Have you ever considered yourself, and your ability to work, as an asset that needs protecting?

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