Does your Mine offer personal insurance? Here’s how to tell if it’s right for you…

With the mining oil and gas industry actively seeking more skilled labour, many mines are offering substantial incentives to both attract and retain skilled individuals. Among these offerings, personal insurance emerges as a vital component.

Recognizing the inherent risks in these fields—ranging from exposure to hazardous materials to machinery mishaps—companies understand the necessity of providing comprehensive personal insurance coverage. This coverage not only serves as a means to entice potential employees but also demonstrates a deep commitment to their safety and well-being.

What we have seen in the past is that sometimes the insurance offered by the mines, if often not enough and in some cases is actually a double up as to what they have in their superannuation. The example that we use is that if your mine offering an income protection policy, sometime the benefit can only be over a 2 years period, meaning that a 30 year old, who is often the main bread winner for their family has to find other means to support them after this benefit period is over.

Now, Im not saying that you have to take on loads more insurance, rather, I would simple encourage you to do their own research on what they are currently entitled for and take a second to analyse if they would be no longer be able to go to work, if these policies could replace you wage if you weren’t able to continue working until retirement age. This 1 hour exercise, could be
invaluable and allow you to have a plan b, should illness or injury stop you from working.

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