Income protection insurance refers to a TYpe of insurance that covers people that has work that never got to work anymore because of injury and medical conditions that left them incapacitated and unable to perform their ADL (activities of daily living). If you have a job now how sure are you that your job will be there `next year? If you face uncertainties like your job is a dangerous one, and its included on the topmost dangerous jobs on earth, aside from health insurance you should definitely get an income protection insurance as well.
Even if you have savings, and income protection insurance is exactly what you need to protect those savings from being depleted due to lack of work. It also helps you to pay what’s needed to get paid for you to be able to enjoy the things that you have like your house, your car, your bills and so on. But not all income protection insurance is perfect for everybody. If you want to end up with the best one, below are a few things that you should know in choosing the best ones for you.
Check on the coverage: Coverage and terms vary from one insurance policy and where you got it from. Coverage more or less usually covers 75% of the total income with two to five-year terms. This varies from one policy to the other. Thus you need to review each place on what would be the perfect one for you. If you don’t know the best one for you you can visit sites that give you an apple to apple comparison in the various coverage and talk to various insurance providers. That way you will be able to know the best or the ideal one for you and learn a thing or two about how insurance works.
Check on your budget: Income protection insurance is surely just one of the insurance that you are paying. You got life insurance, health insurance, auto insurance, and home insurance and those aren’t cheap. Adding income protection insurance is another thing as well and some people will pass on it. Insurance comes with the territory. Take home insurance, for example, most people that get it are in calamity prone areas and so on. Income protection insurance is highly advised to people that are in the types of jobs that are considered as dangerous.
Check on the waiting period: One of the critical things that you need to ask that most people never do is the waiting period. It’s like idle time. These are the waiting period in which your insurance is being processed. Say you lose your job (god forbid), your insurance doesn’t take effect right away. These vary from one insurance provider to the other. Some can release it as early as 2 weeks and some would give you an estimate of a month to three months. These usually depend on the amount that they need to release and their policies in processing such insurance.
The reality is that there is insurance that people can’t live by, like home insurance, life insurance, health insurance, and auto insurance. An income protection insurance is usually just an option that even people that need it don’t even get one unless their employer will offer that to them. That’s because its an additional cost that some people don’t want to pay. But if you’re in a profession that is the ideal person to avail of such insurance then you should. So what is the best income protection insurance? This isn’t the most expensive ones but the ones that suit your needs with a consideration of the things mentioned above.
