The world can be unexpected in the best ways and the worst ways. Sometimes, an unexpected event means a loss of security and sometimes, a loss of income. If you’re suddenly unable to work due to circumstances out of your control, it is important to have a way to take care of yourself and your loved ones while you’re without your original income.
Who Needs Income Protection Insurance?
Anyone who relies on a paycheck should consider income protection insurance. This is especially important for those who are self employed or own a small business. However, where income may vary more or depend heavily on your own ability to work. Also consider income protection insurance if you are the sole or main source of income in your household.
When Can You Make a Claim for Income Protection Insurance?
You are eligible for benefits from this policy when you are limited from performing the material and substantial duties of your regular occupation due to your sickness or injury. You must also be under the regular care of a physician in order to be considered disabled.
How Much Compensation Does Income Protection Insurance Provide?
Compensation for income protection insurance is based on your annual income. You will receive a percentage of your original income so that you won’t be left completely without in case of an accident or sudden illness.
What Does Income Protection Insurance Cover?
Any disability or illness that can prevent you from working will be covered under income protection insurance. This includes accidents or injuries as well as a sudden illnesses like cancer, partial or permanent disability, paralysis, and more…
How Much is Income Protection Insurance?
The cost of income protection insurance depends on your annual gross income, your age, your occupation and if you are a tobacco user.
In general, you may pay 1% to 3% of your annual gross income for income protection insurance. For example, if you make $50,000 a year, you could pay between $500 and $1,500 a year for income protection insurance.
Be sure to ask Brokerage Solutions, Inc. about your policy’s limits and get quotes to see how you can save on income protection insurance. This is an insurance that is often overlooked by many, but is crucial to protect you and your loved ones from the unexpected.