Income Protection Insurances Save You During Unfortunate Situations

By Author: Shourya Ray Chaudhuri
Total Articles: 598
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To be able to earn is a desire of every college student or of any individual for that matter. The feel of responsibility brings a new transition in life. Regular income gives rise to newer commitments and the desire to own, may it be a new house, new car or go on a lavish holiday. Income bestows varied means to fulfill one’s needs and aspirations.

Regular income definitely acts as a boon to everyone and the increase in pay proves advantageous and brings a whole new meaning to life. During such a positive phase, to expect the unexpected does not really happen. The unfortunate can strike any one, anytime. One would truly agree to this statement looking at the frequent changing of economic conditions that keeps the organizations on their toes to produce their best to continue in the league. Due to sudden fall in the economy companies may lose their revenue, which would lead to resources being asked to leave. During such an unfortunate situation, it is extremely difficult for an individual to meet his monthly expenses, commitments and fulfill the needs of his family. The loss of regular income would increase nightmares, ...
... of not being able to meet the needs and this is actually, when the income protection insurance coverage of the insurance company comes into the picture. They protect and preserve your asset, which is if you become disabled temporarily or permanently and are unable to earn a living through your job for that cause, the income protection insurance coverage that you have opted for, will help you by ensuring that, you get a regular payment of up to 75 percent of your total previous salary, to be able to continue with your monthly expenses without any hindrance.

Income protection is designed to provide you with the financial support, to help you deal with your commitments along with getting back to work as quickly as possible, meaning, it gives you the time to search for a suitable job for yourself with a clear mind after being unemployed instead of dreading out of fear to face the needs and commitments. It is a short term insurance policy, which means that insurers usually pay out up to 12 to 24months and is provided after being unemployed for 30 to 60 days. There are also a few other things which you need to take into account, as the policies may differ depending on your occupation, age, health and other factors like your sex, marital status and the level of disability you are suffering from. Applying for appropriate cover depends upon, pertaining to your lifestyle, people with addictions, smokers and alcoholics need to pay a higher premium, as their risk of life is greater than to people who abstain from these. Thus, it is understood that, more the life risk involved, higher is the rate of
premium payable.

For more information: Income Protection Insurance
Get more information: Redundancy Insurance