Pros And Cons Of An Income Protection Insurance

Like all other insurance policies, income protection insurance programs also have some benefits and drawbacks

. However, when it comes to income insurance policy, the pros usually outnumber the cons especially if the buyer has done his research and is also getting an insurance policy from the good insurance company. Listed here are a listing of advantages and disadvantages regarding income protection plans.

Here are the Pros:

#1 - Income protection insurance plans protect the policy holder and his family from unexpected financial problems that may occur due to health issues such as disablement and illnesses. These plans ensure that policy holders and their families do not have to suffer and can manage to pay bills, pay mortgages and other debts when they cannot work. These plans offer financial stability to people who cannot work temporarily and allow people to recover from health problems without worrying about money problems.

#2 - Majority of the income protection plans are flexible which means that policy holders can decide which features they want to opt for. Buyers who are purchasing new policies can choose the waiting period, the benefit period and the insured amount while existing policy holders can change certain features if an option is provided. Buyers can also decide which type of contract they want, how they want to get paid and how they want to pay premiums to the selected insurance company.

#3 - Income protection plans not only offer the basic compensation benefit but also offer other benefits such as rehabilitation benefit and a death benefit or transplant surgery benefits. Buyers who opt for good plans have the option to opt for add on perks that are not offered with the basic policy. These perks may either be offered for a nominal fee or for no additional charge.

Here are the Cons: The only con of income protection insurance plans is that these plans can get costly if the buyer opts for a comprehensive plan with maximum benefits. However, by comparing plans and by doing research before making a purchase, buyers can save a significant amount of money. On an average, buyers can expect to pay $5-$10 a week on basic plans and $15-$20 a week on comprehensive plans. The final cost of the policy will depend on a few factors such as the buyer's age, his income, the benefits opted for, the waiting period, the benefit period and the type of policy selected that is indemnity contract or agreed value contract.

by: Brent Ford

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