Life is uncertain and you may come across many surprises. Some of them may force you to be out of work for months. So, what if you are in a situation where there is an immediate need for regular income for a longer period. You might not want to borrow money from your friends or any other source as you might have to pay them back with higher interest. Moreover, your savings might not be sufficient enough to support your family for such a longer duration. So, what option do you have?
Ever wondered how convenient it would be, if you had a regular income coming even during the crisis situations? Yes, there is an insurance plan which exactly serves this purpose. This Insurance plan is called 'The Income Protection Insurance Plan'. The holder of such a policy is entitled to receive benefits on a regular basis when he is out of job for a longer period. This income insurance promises to return about 75% of the insured amount. So, the insurance holder will receive optimum benefits out of this insurance.
Income protection plan has several benefits over other insurance plans like, the terminal illness benefits, rehabilitation benefits, death benefits etc. The income protection plan also has a unique benefit called release of premium. This benefit helps the policy holder to pay the monthly premiums in spite of losing his job. However, this release of premium must have been included in the contract to gain its benefits or the policy holder may also buy it separately by paying an additional fee. This benefit pays the insurance premium on behalf of the policy holder for the period he has been incapacitated.
One unique benefit of the income protection policy is that it also lets you pay towards the premium for your insurance. But, in order to receive this special benefit, you will have to include the release of premium benefit in the contract during the inception, or you may purchase it at a later stage by paying some extra fee. Income protection also provides you a benefit to receive your entire insured amount in lump sum if you have terminal illness. Terminal illness is one which will likely lead to death within a period of one year.
Another advantage of the Income Protection insurance over any other insurance plan is that this insurance can also be purchased by the people who are self employed. Many people often confuse Permanent Health Insurance and the Income Protection Insurance Plan. The major difference between these two is that the latter provides you money to sustain life while the former doesn't.
So, choose your income protection plan wisely and make sure that you read the entire contract before you purchase it. Also, do not ignore the ones which are written in smaller fonts in the contract as they too contain valuable piece of information. Once you have taken all the precautionary measures purchase the most suitable income protection plan and enjoy it benefits whenever necessary.
Ever wondered how convenient it would be, if you had a regular income coming even during the crisis situations? Yes, there is an insurance plan which exactly serves this purpose. This Insurance plan is called 'The Income Protection Insurance Plan'. The holder of such a policy is entitled to receive benefits on a regular basis when he is out of job for a longer period. This income insurance promises to return about 75% of the insured amount. So, the insurance holder will receive optimum benefits out of this insurance.
Income protection plan has several benefits over other insurance plans like, the terminal illness benefits, rehabilitation benefits, death benefits etc. The income protection plan also has a unique benefit called release of premium. This benefit helps the policy holder to pay the monthly premiums in spite of losing his job. However, this release of premium must have been included in the contract to gain its benefits or the policy holder may also buy it separately by paying an additional fee. This benefit pays the insurance premium on behalf of the policy holder for the period he has been incapacitated.
One unique benefit of the income protection policy is that it also lets you pay towards the premium for your insurance. But, in order to receive this special benefit, you will have to include the release of premium benefit in the contract during the inception, or you may purchase it at a later stage by paying some extra fee. Income protection also provides you a benefit to receive your entire insured amount in lump sum if you have terminal illness. Terminal illness is one which will likely lead to death within a period of one year.
Another advantage of the Income Protection insurance over any other insurance plan is that this insurance can also be purchased by the people who are self employed. Many people often confuse Permanent Health Insurance and the Income Protection Insurance Plan. The major difference between these two is that the latter provides you money to sustain life while the former doesn't.
So, choose your income protection plan wisely and make sure that you read the entire contract before you purchase it. Also, do not ignore the ones which are written in smaller fonts in the contract as they too contain valuable piece of information. Once you have taken all the precautionary measures purchase the most suitable income protection plan and enjoy it benefits whenever necessary.
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Before picking income protection policies, you ought to make certain to acquire income protection insurance coverage quote lets you get the most effective estimate.
