Many people ask a question that concerns the protection of their income. The question is quite popular and requires an answer. All people care about their income, and especially about its protection. Everyone knows what income is, but not everyone understands this word correctly. Let’s look at it.
What is Revenue
Revenue is revenue that is realized from products, works, or services. In other words, it represents the monetary form of the net output of an organization or enterprise, that is, it includes profit and labor remuneration. Income is money or material assets that individuals and legal entities receive over a certain time from their main activity.
Profit, a part of the revenue
Very often, income is confused with the concept of “profit”. Profit is the part of the revenue that remains after all the costs of selling products, as well as its production. There are numerous types of profit, here are some of them as an example-economic profit, net, accounting, profit from sales, etc.
Types of Income
Let’s go back to revenue. There are several types of income, such as:
- The income of the population is the personal income of individuals, which citizens, families, etc. receive in the form of money. Such income can include wages, pensions, income from renting out a property, income from selling personal property, scholarships, allowances, and so on.
- State Revenues are revenues that come from the collection of taxes, foreign loans, duties, and foreign aid. They are used to perform certain functions of the state.
- The last type of income is the organization’s income. These revenues represent increases in any economic benefits resulting from the receipt of assets, that is, the receipt of cash.
Income can be different, such as rent, dividends, wages, interest. The profit is always less than the revenue.
After analyzing the details of the question, you can return to it. So, can an ordinary person protect their income? No, because insurance companies do not provide such services to individuals. If this were possible, then insurance companies would go bankrupt. This is because that the number of individuals significantly exceeds the number of legal entities.There would be a huge amount of payments to people, as there are unstable economic situations in the world, in the end, there would simply not be enough money to cover the protection of citizens ‘ income. There are a lot of risks for insurance companies in this case.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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