Tips To Protect Your Family Financially When You Are Out Of Job!

It is a night mare to be out of employment or be bed ridden without any monthly earnings coming in

. It would be difficult to face the new morning as you would be wondering how to eke out a living with your income cut off. In addition to this, you have to bear your medical expenses too. Accident, sickness, lay off may have been the cause for your temporary or permanent unemployment.

The only way to protect you in future financial problems due to accident, sickness or redundancy is to get yourself an income insurance protection. These are insurance plans to protect the salaried class from being out of employment. If you have been made to take rest as you have crippled your leg due to an accident and are without any income, this protection policy will help you out.

Mortgage payments: A portion of your income which is not more than 60 to 70% of your income will be paid out to you by the insurance company. You must have been in employment for at least a year with your current organisation. This period may change with different insurance companies so before you apply for one, cross check with them.

If you have any mortgage payments to make, you are free of these financial commitments. Your insurance company will pay your mortgage payments till you get back to work.

Medical cover: As you are out of job and have no money to pay back your medical expenses, your policy will safe guard you. You are paid some amount of your medical expenses so that you dont have to face the financial brunt when you are out of income.

Other bills: Any other essential grocery bills, electric bills, education fees and mobile bills can be easily paid with a portion of income that is paid to you.

If you are ill for a short period, you may be able to cope by dipping into your savings. Employers may pay some sick pay, but it will not be as much as you normally get. If you are self-employed, then no work means no income. Few of us could cope with being off work for 6 or 9 months. Income protection insurance provides an income stream for you should you become unable to work due to an injury or illness. In the event of a claim, the insurer will pay an amount, normally up to 75% of your gross salary.

by: Kirthy Shetty

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