Life is indeed full of surprises. The sad thing is, not all of these surprises are good. Sometimes, we have to stop working as a consequence of accidents, sicknesses, and traumas. To keep your finances secure during these unfortunate times, you will need income protection insurance.
Why is this important?
1. Mishaps, illnesses, and injuries are already difficult times for you and your family. Not being able to work and receive your salary makes these circumstances a lot worse. In cases wherein other members of the household are relying on what you earn, their future can be put at risk.
2. Most of these regrettable events require a lot of hospital and other health-related expenses. Since you are no longer getting your regular wages, tendency is you would have to use up your personal savings. This can hinder you from reaching other personal goals and could also prevent you from meeting your basic needs and obligations.
What can the insurance do for you?
1. The solution to the possible problems mentioned above is the income protection insurance.
2. This plan keeps you safe by making sure you still receive your wages even if you are not fit enough to meet employment demands.
3. Depending on how much you decide to pay, this can cover as much as seventy percent of your monthly earnings and as well as the expenses related to the accident, illness, or trauma.
4. You also have options on how long you wish to be covered. Some can protect you up to the time you could get back to the workplace, while others can even sustain you up to retirement age in case you end up with an irreversible disability that makes it no longer medically safe to function again.
How can you find the right plans?
1. Approach different providers so they can give you plan options depending on factors such as your employment status, health history, position in the family, age, and sex.
2. The amount you are willing to pay will determine what percentage of your salary you will be able to receive in case of regrettable events. Consider the minimum sum you must have in order to satisfy all of your basic needs and obligations.
It is wise to be prepared for all kinds of situations that may come our way. Use the information mentioned above to help you in your decisions. You may also seek the aid of financial advisers in case you are having a hard time analyzing your financial needs.