Tragedies are incidents that we can’t avoid. Even though we are too careful enough with ourselves, we cannot keep away from these things to happen that is why we must be ready in whatever things that may occur.
Accidents, Calamities, Disasters, Tragedies and Deaths are incidents that we can’t avoid. Even though we are too careful enough with ourselves, we cannot keep away from these things to happen that is why we must be ready in whatever things that may occur. Income Protection Insurance will help us to be prepared.
Income Protection Insurance is a type of insurance wherein they will be responsible for you when you cannot work due to accidents, injuries, and when you retire as well. The beneficiary will be given a percentage of his wages in times that he could not work due to these situations. Having this Insurance is really an advantage for us.
There are two kinds under this Insurance: the long term policies and the short term policies. In the long term policies, this is when the company stopped providing you and paying your health benefits and when you start receive your pension while Short term policies on the other hand, is on the instances for bank loans, mortgages and other kinds of payment methods. This type of policy usually ranges from a year or two.
Listed below are the types of Income protection Insurance and its benefits:
The first type of Insurance is the Premium. In this type of Insurance, you have to pay monthly while you are working. A percentage of your salary must be deducted. But the brighter side is, in case that you will get sick or injured, the finance provider will be responsible for you.
The second type is the rehabilitation. In this type of insurance, the beneficiary will be assisted to get better and to return to its normal way of life. This is a different kind of insurance policy.
What are other things Income Protection Insurance covers?
Aside from health benefits, the financial services include:
§ Auto loans
§ House loans
§ Credit card bills
§ Everyday expenses
§ Bills Payments
§ Maintenance of Buildings, Business firms, Structures, Corporations, etc
§ Medical Expenses (laboratories, diagnostic tests, operations, medications, etc)
What is the Best Insurance Policy?
With the variety of Insurances now, it is very difficult to choose who among them. Each of them has its own terms and conditions, benefits and claims. A certain kind of insurance will always depend on the factors of the beneficiary such as:
§ Age
§ Sex
§ Monthly Income
§ The company you are working with
§ General health condition
§ Personal preferences
Choosing the Insurance will depends on your needs and seeking advice on your financial advisor will always help you.
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