Income Protection Insurance - Is It Worth It?
Whether we like our work or not, we need it to provide for our families and ourselves as well. So, any sudden incapacity to work is a big blow for everyone both for the fact that you become ill unexpectedly and that you become unable to secure any income. Savings disappear quickly, and general costs of life still remain the same if not bigger due to the costs of rehabilitation you might need. All this is a big stress for anyone; it changes everything in our everyday lives, as well as in our plans for the future of our family, but not our need for regular and reliable income. Household bills, credit card payments, mortgages and everything else still take money from us mercilessly, paying no attention to the new and unfavorable situation we might find ourselves in. So, what can one do to make that situation as less stressful as possible? Income protection insurance is the answer.
But, there are numerous reasons why you may not be able to work other than illness. Income protection insurance offers several different options to cover for some other reasons for inability to work, such as accident or unemployment. It is not easy to name all the options you might find available with income protection insurance, but, generally, it covers about 70% of your gross income, and, though this not being the full amount you used to generate, still it provides a significant support in the times when you would be left with nothing.
So, how does income protection insurance work? I shall go through some general points of it, but, for further information and all the options available in your particular case, you should contact your provider. Depending on the policy you have, income protection insurance helps you if you find yourself in the position that you are unable to work for numerous reasons ranging from illness, accident, or even unemployment. It covers a certain amount of your gross income-usually about 70%- and thus you should feel financially secured and you could focus fully on your recovery, removing the stress that having no income could generate for yourself as well as for your family, especially in such difficult times of illness or accident aftermath. The payments come in monthly installments, helping you with the expenditure that also comes periodically, such as credit card debts, mortgages, children’s tuition fees, as well as with the household expenses, and most importantly, your recovery bills. Unlike life insurance, this does not only help the people with families to provide for, but also the single people that might find themselves in one of these unfavorable positions. You should carefully consider what amount you would need on monthly bases in order to fulfill your needs. Due to the fact that there are many and significant differences between numerous providers, as well as with the options they offer, you should carefully take into consideration the type of income protection insurance you will take. I cannot say for sure which is the best option, but my opinion is for sure that we should all have income protection insurance and to help us God to be healt and able to make a living.
More from living