Income Payment Protection Insurance
There Are Some That Just Really
Should Have It
Pray You Don't Have a Serious Accident Without This Cover.
Who needs income payment protection insurance? While there are some people that really should have it, anyone can benefit. Here’s how it works. Income or salary protection insurance, which is sometimes referred to as disability income insurance, covers lost earnings due to injury or illness. The term of the policy and the length of time for which you will be paid, varies. These are the key factors that determine the costs of premiums. If you are interested in a policy that would cover you in the event of a long-term disability, your premiums will obviously be higher. But, they could still be affordable.
A Must-Have For Professionals.
Many professionals invest in income payment protection insurance, because government disability benefits would be far below their normal salary.Doctors and dentists in private practice, for example, are wise to invest in this type of coverage. It is also possible to purchase a policy that takes into consideration increased earning potential. For professionals that are just starting out or just about to start their careers, that’s a good policy to have.
How Affordable Is It?
Rates vary greatly. As with any type of policy, it’s a good idea to do a little comparative shopping before you sign up.If the company that you work for offers short-term disability and/or unemployment benefits, your salary protection insurance takes over when those benefits are exhausted. If your illness or injury is covered by worker’s compensation, then you will not collect on the policy. The amount that you receive for covered disabilities will typically be about 60% of your normal income, but the benefits are not taxed as income. So, the amount that you receive is comparable to your take home pay. To keep premiums low, try bundling it with other policies such as
buildings and contents insurance
or
small business liability insurance.
What Are The Chances I'll Need It?
It is estimated that one in three people will be disabled for at least six months before they reach the age of 35. And 43% of all men and 54% of all women will suffer from a serious disability at some point before the age of retirement. That’s why anyone, regardless of who you are or how old you are could benefit from income payment protection insurance. You’re paying for peace of mind.
Modern Net-Wit:
"He had all his toes amputated so he could stand closer to the bar" .........................................................................Mike Harding
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