subject: Income Protection Plan To Get Ultimate Protection [print this page] Most of the people insure their home or vehicle but what about insuring yourself. It is not just insuring yourself in the event of death; you should also insure yourself while you are alive. An Income protection plan provides you with a regular source of income should you be unable to work for a period due to sickness or injury. You need to prepare yourself for regular income and if something goes wrong with you and you are not in a position to work your health insurance policy will protect you.
Income protection offers you with peace of mind that your ability to earn an Income is safe. There are a number of options where you can generally insure up to 75% of your earned income from personal efforts. In todays condition, it is difficult enough to survive of your current salary, now think how much more difficult it would be without a salary. Nowadays, many people are being suffered from a serious illness so it is good to insure your income against serious illness.
In case of your illness, 75% of what you earn will be paid to you on a monthly basis from your Income protection Plan. This regular income will cover your general monthly expenses such as mortgage payments, clothing, school fees, food etc. It is important to note that the cost of your income insurance depends on several factors including age, gender, occupation, health, smoker/non smoker, recreational and sporting activities, additional options and any other loadings that are applied to the policy. Income protection plan is like paid leave which can be availed during illness or injury. However, paid leaves are only for short-term purpose, these income protection plans are meant for long term protection.
While you are looking around for a health insurance, get income protection quotes from various different insurance companies and compare them. You can also consult a financial advisor who can deal with multiple financial institutions
