Income protection will reimburse your lost wages in instances injury or illness. The once a month payment you receive from your claim can be as much as eighty percent of your wages. In some cases, when you have retirement plans and pensions as part of your employee package, you can even get an additional eight percent more coverage while you are sick or injured and unable to work. Unlike other types of insurance, this is paid directly to you, specifically for the purpose of meeting your bills and household expenses. It can help you maintain the financial security and piece of mind that you have worked so hard for.
In your insurance and investment portfolio a policy that protects your wages should take a primary spot in the order of importance. It definitely should be in your plans before getting a supplemental policy. Unlike supplemental policies, which also pay you directly, Income protection insurance pays a significant amount once a month, as opposed to the one time only payments. In addition, the amounts paid out in an income protection policy will be much more reflective of your needs.
Don’t wait until it’s too late. Getting sick and missing work happens to people every day. Don’t let that be the cause of financial ruin. Income protection coverage is one of he few proactive things a person can do to counter unforeseen loss of income. The choices and features of different policies can be tailored to your needs and your income level. Stability, in an ever-tightening economy can be hard to achieve. You owe it to yourself and your family to protect yourself for the long haul.