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Education Centre How Does Income Protection help my loved ones? | How Does Income Protection help my loved ones? |
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People generally pay importance to protect their homes, cars, and other possessions and take adequate insurance to protect the same to meet loss as a result of fire, theft or accident. However, more often than not what gets overlooked is the need to protect your most important asset – your income.
There could be many reasons why you might not be able to work. It might be an accident, or a fever which could turn worse or you might just be “laid off” by your company. Would you then be able to meet your financial commitments and not have any effect on the peace of your family during the time you are not able to work? Would you be able to pay all your bills, study expenses of children, loan payments, and scores of other needs without your monthly paycheck? If you do not have an answer to the questions above, you can very well estimate how vulnerable you are to such a possibility. Did you ever wonder as to how you will take care of your expenses just in case you were not able to work? Would your loved ones who will already be under emotional turmoil also face financial difficulties if you happen to be the sole bread winner? Therefore if you want your loved ones not to face any problem in times when you cannot earn, you must get adequate cover. This will ensure peace and happiness in your family in times of any hardship arising out of you not being able to report to work. How to tackle this problem? Not having money is the worst thing you could think of especially when you have all those EMI’s to pay and other expenses to meet. However, there is a way out where you can earn even if you cannot work. Interested? Then read on. You can protect yourself and your loved ones in case of any eventuality arising out of sickness or injury where you cannot work for some time which could be anything from just a few days to few months or may be years. This kind of protection is possible with Income Protection Insurance. How does Income Protection help my loved ones? Income protection ensures that you get a set sum come to you on a monthly basis just like your salary check. You can: Insure up to 75% of your current earnings Set a wait period (30, 60 or 90 days) till your Insurer starts paying you Set the length of time till when the benefit is paid for e.g.: up to 6 months or till you reach retirement age. Your premium will depend upon your age, gender, amount insured, waiting period, nature of work, and insured occupation. This amount can then be used to incur your routine expenses without any worry. This would mean that your daughter can still go to her favorite piano classes and hone her skills which you are so proud of. Income protection could mean your son can continue with his Management Studies without having to worry about paying his semester fee. Income Protection could also mean that you feel confident even in times of your injury and sickness as you see your financial commitment being met which will help you heal even faster. Income Protection would simply leave no room for any worry and stress which might engulf you in case you don’t have money to pay your bills. Income Protection therefore does not let hard times touch your family and helps keep your family’s happiness intact. |
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