The economy in recent times has seen more fluctuation over the last several years, but more prominently more over the last few months. With the uncertainty of financial stability from now until the foreseeable future, there are measures that you should take to help keep you and your family secure when it comes to your money. Income protection insurance is one of those options that will help you stay afloat in difficult times.
What Is Income Protection?
Income protection falls under a category of insurance that protects you in the event where you lose your ability to generate your income at no fault of yourself. This is done for a certain amount of time until you can get back to your job. Whether it is from inability to work due to injury, illness, and the job market, income protection is there to help you in difficult times. A good income protection guide will help alleviate any questions, inquiries or uncertainties that you have. The things that you want to look out for are cost, coverage, payout, and duration, just to name a few important factors. There are different policies to consider and you will be evaluated for your qualifications as each case is handled differently and provided different coverages depending on your circumstances.
What About Accidents Suffered Away From the Job?
Accidents can occur anywhere and everywhere. In fact, although many accidents occur on the job, most of the accidents that people suffer are away from work with the leading culprit being incidents happening on the road involving motor vehicles. Because accidents have a significant impact on your life and the consequences you suffer from them spread so widely, many companies offer protection that extends to injuries suffered outside of work. The cost will be more of a premium in most cases, but this ensures that you are protected no matter what occurs.
What Variables Need to be Considered?
Because this type of insurance is based on your income, and pays you a percentage of your lost wages, there are many variables that need to be considered when applying for income protection. The variables that you need to look into aredependent on what type of job you hold. If you are self-employed, business owner, work using tips and commissions, in the midst of changing jobs or on planning a leave of absence, you should highlight these concerns and bring them up with an insurance advisor.
A lot of these scenarios involve fluctuating incomes and are not the same from year to year. Additionally, if you are looking into income protection as of late, you will recognize how the economy has been impacted by the COVID-19 virus. This undoubtedly will play a role as a variable in any policy you inquire about, and if it isn’t, it should be something that you ask your advisors about.
For those that are overcome with uncertainty when it comes to their finances, speaking to an advisor about income protection insurance should be a top priority. Explore your options to try and find a solution that helps give you and your family peace of mind in otherwise trying times.