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“Definitely not! Although the general aim of both types of policy is generally the same – to protect your income – the policies are actually quite different.

We could fill a number of pages on the technical differences between the two, but the bottom line is that an accident and illness policy is generally far more difficult to claim on when compared to a proper income protection policy.

Another important difference is around the term “guaranteed renewable”, also known as “non-cancellable”. With an accident and illness policy, the insurer can cancel your policy at any time if they think you’ve become too much of a risk. They can also exclude certain conditions as they wish.

For example, say you required a knee reconstruction whilst your accident and illness policy was in-force, the insurer would have to pay you for any time away from work, but at your next renewal they could add an exclusion to your policy stating they will not pay any further claims relating to your knee.

If you suffered a minor heart attack or stroke during the policy period, or decided to take up skydiving or some other dangerous pursuit, they may chose not to insure you at all when your next renewal is due. In this case, you may have great difficulty finding another insurer to offer any level of cover to you.

With income protection things are very different. Once your policy is in place, and provided there has been no fraud or dishonesty involved, the insurer MUST offer you a renewal each year and they cannot cancel your policy as long as you keen paying the premium.

If you suffer a dozen different claims relating to your back for example, the insurer will have to pay you each and every time. Furthermore, they cannot increase your premium regardless of the number of claims you make! Income protection and accident and illness can be very different beasts, so please don’t let your insurance broker try to fool you by selling you a “cheap” policy, as it may cost you a LOT more down the track.

Tradies Love Trade Risk

In 2017 Trade Risk was awarded a Gold Trusted Service Award for the amazing service we offer to thousands of tradies from around Australia.

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    "Excellent customer service from the account manager..flexible to insurance requirements and quick to respond"
    Andrew James Tims | Tradesman Insurance |
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    "Ive had insurance with this crowd in the past. I went to renew my membership in the past as I had let it lapse a couple of months. The price went up 30% so I didn't go with them. Then 3 months later I go back to there website and I get my insurance again for the same as original."
    | Tradesman Insurance |
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    "good service"
    Hansford Projects Pty Ltd | Tradesman Insurance |
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    "Great service as always. Would recommend."
    | Trade Insurance - Renewal |
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    "Good service"
    Build it up constructions | Tradesman Insurance | Ipswich
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    "I needed urgent cover and Helen at Trade Risk was so helpful and had me covered at a really competitive rate. Details of the cover were explained so I am confident I have the cover I need. I would definitely recommend Trade Risk."
    Tim Billing | Tradesman Insurance | Brisbane
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    "The best Insurance"
    Ondrej Balogh | Tradesman Insurance |
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    "Good service"
    | Tradesman Insurance |
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    "Good very easy to get a policy"
    Ricky P Jamieson | Tradesman Insurance |
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    "Great service will recommend to others."
    Jason Edward Styles | Tradesman Insurance |
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    "The process of renewal of my Trade Risk seemed to be done efficiently and timely!"
    Cornerstone Tiling Pty Ltd ATF PS.23 Family Trust | Tradesman Insurance |
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    "Reasonable prices efficient and friendly staff"
    Ian Spicer | Tradesman Insurance |
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    "There was a problem with the account details and just a quick phone call and as I was away at work no threats just please fix it when you get back they could have made a big deal out of nothing but didn't and I feel that is great customer service."
    Matthew John Mcgee | Tradesman Insurance |
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    "Great service"
    | Tradesman Insurance |
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    "I contacted you regarding my policy ,no one got back to me then the policy expired and my customers started contacting me ,we lost work because we were not insured ,a lot of our work comes from ambulance Victoria , they stoped writing purchase orders to use because of it . then we asked for another quote for on hook insurance for our crane truck same thing again no follow up and no quote."
    Bayside Machinery Pty Ltd | Tradesman Insurance | Mallacoota Victoria
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    "Excellent customer service went above and beyond to help help out they made all the necessary phone calls and I didn't have to chase them . They did everything for me ."
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    "it would be 5 stars if the renewal was timely and not requiring me to contact Trade Risk for a renewal quote."
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    "Easy to deal with"
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