People buy insurance for their cars because it is required. Health insurance is a necessity for the family. We see to it that our houses or properties are insured, our business is usually insured. However, income protection insurance is something we take for granted.
What is income protection insurance?
It is a long-term insurance policy which helps you if you are not gainfully earning due to illness or injury. It substitutes a portion of your income if you are unable to earn gainfully.
Who needs this type of insurance?
Sometimes buying income protection insurance is taken for granted because if you are in good health, you will never think that things will turn upside down, that’s when serious illness or injury happens. No one wants to think bad of the future, but how often do we hear horror stories that the father or mother or whoever is the breadwinner of the family couldn’t work anymore because of injury due to a fall or accident or critical illness. What will happen to the family they are raising? Yes, you may have savings but how long will you survive with it, considering all bills and living expenses to pay? Sooner or later your finances will go down the drain. If you are being cautious and think for the family’s future, you will consider buying insurance protection for your income.
Are there people who don’t need this?
You may not need income protection insurance: if you can survive using your sick pay; if your government benefits are enough to cover your bills; if you have saved enough to see you through your lifetime; if you think your family can support you.
Why should you consider buying it?
First of all, anything can happen to you. It doesn’t matter if you have a family to raise. People dream to see that their income keeps coming consistently to provide for their loved ones until their old age. Unfortunately, this dream may not come to pass. Having protection gives peace of mind for you and your family. You or your wife may be working double time to provide a comfortable life for your kids. If you will become incapacitated and can not work anymore, then it causes loss of income, and it crashes your family’s finances.
Buying income protection insurance allows you to keep up with your debt payments. Paying bills and living expenses is already stressful enough, and even more so if you have to pay for car loans and credit card bills. Furthermore, it gives you more protection. Income protection can complement other insurance plans.
Nothing beats professionals and experts advice. Get an income protection insurance quote from Life’s Great. It is important to seek an expert’s advice because you are not simply buying bags or shoes. It is like you are buying a lifetime. They will determine the cost of the policy which varies considering many factors like age, the nature of your job or business, how much of your income would you like covered, what is the waiting period for the policy to pay out and lastly, your state of health including your medical history. A medical check up might be required.
Don’t wait for something to happen, seek an expert’s advice. Invest in income protection insurance now!