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The very definition of the word “accident” is an unexpected or unforeseen event. While we all strive to live in a way that reduces our chance of having an accident, none of us are completely safe. While you can’t change that fact, you can take measures to protect you and your loved ones from the financial harm that an accident can cause.
Income protection cover helps people who have suffered an accident or injury remain financially stable in the event that they lose their job or suffer a significant loss of income due to their injury. Accidents can happen. Income protection insurance makes it possible to keep living life without suffering a significant loss.
Accidents can frequently disrupt a person’s ability to work at the same level they were able to when they were healthy. Income protection insurance can help supplement any losses in income due to an accident. This is especially helpful for people who work in an industry in which they are either self employed or have part-time contracts. Having a reduced capacity does not mean that a person must have reduced income.
How Does Accident Insurance Work?
Accident insurance works by paying a percentage of your gross monthly income for as long as your policy dictates. When you initially buy your income protection cover, you indicate what the terms of the policy should be in terms of length of coverage. You also decide when you want to start receiving the payments in what’s known as a “deferral period.”
Should you suffer an accident or an injury, you can file a claim with your income protection insurer. Once your deferral period has elapsed, you’ll begin receiving benefits that are worth up to 65 percent of your gross monthly income. If you’re working in a reduced capacity due to an accident, you’ll still be able to pay your bills and mortgage until you recover or find another method of bolstering your income.
This type of insurance makes it much easier for people to fully recover from accidents while providing fully for their families and loved ones. People who are self-sufficient are frequently taken aback by how disruptive an accident can be to their productivity. Having income protection insurance ensures that no matter what life has in store for you, you’ll always be able to keep the things and people that you love most safe from harm.