With the recent trends in economic activities, financial uncertainties have become one of the predominant concerns of most people. Whether you are a single, a breadwinner or one who has a family on his own, it is always a smart move to ensure alternative source of income or financial insurance in case of inevitable emergencies that may come across in everyday lives.
There are bunch of circumstances that may threaten your financial stability, that is why acquiring for your personal income protection would really be a smart and practical decision.
The Deal about Income Protection
Even though financial recession has become a rampant issue to most countries, not all people are aware about the existence and benefits of such insurance. To give a quick glance on what this insurance is for, here’s what you have to know about it.
Also known as Salary Continuance Insurance, Income Protection Insurance specifically holds a policy that ensures policyholders an assured fixed amount of money, which can be either weekly or monthly, if they are unable to work due to uncontrollable situations including illnesses and accidents. This can provide holder up to 75% of gross annual income in the event that the holder is unable to acquire his or her salary from his or her job because of the noted scenarios.
A good and beneficial income protection usually has a policy that allows pay out after 30 days the holder is unable to work and will continue to provide pay out until the insurance holder is able to return to his or her job or until he or she reaches his retirement age, which is commonly at 65 years old.
Noted Advantages of Acquiring Income Protection
Since surely you’d be interested about the perks of having such insurance, here are some of the undeniable benefits you could have just by availing the most quality of it.
The foremost significant edge of this is the financial security. Since you wouldn’t specifically know when a dilemma or trouble would strike, it is a peace of mind knowing that you have something to rely on when it inevitably strikes. In this way, you could still go on with your day-to-day needs, especially if you have a family to support.
Paying bills, education and other necessities wouldn’t be that much of a fuss if you have this insurance as it will support you until you get back to your feet again.
Aside from these basic things, an income protection also offers other add-on such as death benefits, health and even surgery if you wish to include it. The catch here, hence, is the trick of searching for the best one since many offerings can be found online.
You should also know that insurance companies do not have the authority to refuse or cancel out your renewal to such policy provided that you are also guaranteed to pay the insurance premium fees continuously. So if you want to get that worry and anxiety out of your mind when dealing with job and financial issues, better start that smart move of acquiring Income Protection Insurance.