In life you hope for the best and prepare for the worst. The unpredictability of it all may in fact, be the best and worst part about life. It’s foolish to think that you are invincible and that your life can’t take a wrong turn at anytime. That’s why we have different risk management systems to choose from to help us in our time of need. Insurance is nothing but an assurance that you and your loved ones will be taken care off in times of adversity. Insurance is available for professional set ups as well as individuals. The different types of insurance include life insurance, health insurance, and income insurance.
Let’s find out about the benefits of income insurance. To begin with, income insurance is provided by all major insurance companies. To help you understand income insurance, answer this one question? Who would provide for your family if you had a serious accident? Who would make up for the loss in income in case of an illness? How would you cope with it all? Quite simply income insurance protects you against loss of income resulting from an injury or sickness. This insurance is available for people between 18 to 65 years of age, who are deemed fit by the insurance provider.
Death Benefit: Some income protection policies also include an added death benefit of approximately 3 times your monthly income benefit. This should not be substituted for a quality life insurance policy.
Total disablement benefit: If in an accident the insured person suffers permanent injury leading to total disablement then he/she is paid out the monthly benefit until they are able to return to work or reach the benefit period.
There are exclusions to all policies and they differ from company to company. They might include old age, pregnancy, diseases, AIDS or HIV, mental conditions etc. As we all know insurance is also an investment which you need to renew periodically. Some insurance providers may increase the coverage amount as a renewal incentive or give you other added benefits in case of no claims. It’s important that you find a trustworthy insurance provider who makes sure you get the required coverage. Make sure you aren’t paying an exorbitant premium. So do some research and meet with different Life insurance brokers, to get the best policy for you.