What is Income Protection Insurance?
[social_share]If you become ill or injured in a way that puts you out of work (even just temporarily), will you be able to pay your family’s monthly bills? Could you get by without a regular income coming in? If not, income protection insurance might be an option for you.
Income protection insurance won’t replace your entire income if you’re out of work to recover or out on disability, but it can supplement with even as much as 75% of your regular income depending on your policy. It might not be exactly the same standard of living, but it could be enough to help you meet your obligations and keep you in your home.
If your injuries or illness will keep you out of work for a period of time, or if you become disabled and are unable to continue in your line of work (such as losing a limb in an accident), income protection insurance might be the one thing between your family and financial ruin. Health insurance might cover the medical bills, but it won’t pay the bills at home. Make sure your family is fully protected. Get a quote for income protection insurance today!
Why You Need Income Protection Insurance
You don’t know what might happen tomorrow. If you suddenly find yourself unable to do your job because of a medical condition, income protection insurance could offer exactly the kind of help you need. Here are some of the reasons you should consider getting an income protection insurance policy now to protect yourself, your family, and your property.
- While your medical expenses might be covered by other insurance policies, income protection insurance can be used towards expenses like your mortgage or car payments. Income protection insurance makes sure you and your family don’t have to lose your belongings or your home while you recover and try to get back to work.
- If your disability will permanently stop you from engaging in your line of work, some income protection insurance policies will continue to pay out until retirement age. (Note: How long an insurance company will pay out depends on your individual policy. Some only pay for a year or so after the medical condition arises, so carefully compare income protection insurance policies before applying.)
- Even though income protection insurance might not pay the equivalent of your salary, it might pay enough that it will save your partner from having to take on another job to makes ends meet. Either that or it might be enough to enable them to stay home to help you through your recovery to get things back to normal as quickly as possible.
