Income Protection Insurance

Income Protection Insurance Services

Income protection insurance has become an increasingly important part of both personal and professional life. Both traditionally employed workers and self-employed professionals are opting for income protection in greater numbers due to an unstable global economy. What used to be the exception in terms of employment status is now the norm. Savvy people are protecting themselves against economic uncertainty with comprehensive insurance packages that help them cope with unexpected illness, accidents or a sudden change in their employment or income earning potential.

Sometimes referred to as “redundancy insurance cover,” income protection insurance helps people receive a significant portion of their salary if they experience a traumatic event that prevents them from working at their full capacity. Depending on the specific carrier, the insurance may also provide exclusive access to a network of medical and legal professionals. Whether a person discovers they need to get in touch with experienced rehabilitation experts or seek advice about their legal options, income protection insurance is an excellent way to create a safety net for all unexpected situations.

The majority of income protection services provide policy holders with between 50 to 75 percent of their full time salary in the event of an accident or illness. These salary protection plans can be designed to help pay for specific expenses. If a policy holder has a mortgage and several financially dependent family members, he can specify that his insurance will cover his monthly mortgage payment and a percentage of regular household expenses. Other plans enable policy holders to help cover long-term loans or other financial commitments. Each plan allows policy holders to determine a different benefit period. In some cases, policy holders prefer to wait for several months before receiving their first income protection benefits in the event of a traumatic event. Many plans continue to distribute benefits for as long as the scheduled premium payments are met.

Most policy holders will admit that the best benefit of an income protection insurance plan is the peace of mind it provides. Instead of living at the mercy of unpredictable events, income protection policy holders know they’re always covered.

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