Income Protection Insurance
Income protection insurance protects you and you against the risks of losing your income through accident, sickness or redundancy. With the current recession the risk of unemployment through redundancy is particularly high and worrying for many people. That worry can be reduced by protecting your income for a small monthly fee.
Why insure with InsSure for your Income Insurance?
- Guaranteed tax free monthly income
- Your choice as to how to spend the income
- Monthly pay as you go cover – no annual tie in
- Unrivalled customer service and claims support.
To bring you the most comprehensive and cost effective Income Protection Insurance cover we work directly with leading Income Insurance underwriters to bring you affordable peace of mind against the risks of losing your income in these turbulent times. Read more
Unrivalled customer service and claims support To bring you the most comprehensive and cost effective Income Protection Insurance cover we work directly with leading Income Insurance underwriters to bring you affordable peace of mind against the risks of losing your income in these turbulent times.
Read More
Income Protection
Income protection insurance protects you against a loss in your income. We provide a flexible lifestyle income protection product that protects you against a loss of income arising through accident, illness or redundancy.
An accidental injury or illness that demands we take time off of work can seriously disrupt our lives. It is not just the financial factors we have to consider, but the strain on our health and the rest of the family. Suffering a financial loss due to an injury or illness is often unacceptable. By suffering a loss of income you may face trouble paying for groceries, your mortgage, car payment and more. Income protection insurance can help combat that loss. You may already have health insurance covering the medical bills. If it was an accident at work then you have worker’s compensation helping you, but most often your place of work offers you 50 percent of your normal weekly salary. This usually doesn’t start for a few weeks. You should not leave yourself open to a loss of salary of any sort.
The main goal of income protection insurance is to give you a regular income when you cannot work. You will need to decide how much the income protection insurance will payout during the month. This is done at the initial setup. Usually you are allowed fifty percent of your income, but some companies might go to 65 percent. It is important to compare the different companies to find the best plan for you. The benefits of income protection insurance offer you tax free money. This is why they only offer fifty percent of your regular monthly salary.
Income Protection Insurance Cover
You will also need to determine how long the policy will pay out for. You can decide that the plan will take you to retirement age. You could also determine a shorter amount of time for the cover. Typically most individuals go with 12 months or more for the payout. Remember that you do not have to continue to accept the payout once you are able to return to work. In fact the policy will not allow it. So you should determine an appropriate time frame for how long you could be out of work.
There are also cheaper options if you decide to go with full income protection. You will have a repayment plan with this type of plan. With income protection insurance there is not an investment with the plan. In other words you are not tied into the plan with a contract. To keep the plan going you just have to continue paying a monthly amount to the company. Some plans have a deferment period associated with them. During this time you will not be paid while you are out of work. It usually is the first few weeks of the issue. Depending on the type of income protection insurance this deferment period can be longer. The longer you go with the deferment the more affordable the plan usually is.
Your choice in plans should be based on the type of savings you have. If you have a good sized nest egg you can draw from it for a while before invoking the income protection insurance which will help it be more effective.
