What is income protection?
The most common quandary with most people is that they assume life insurance policy as a scheme that pays out a lump sum after the death of the policyholder.
Whole life insurance coverage is probably the only policy that can pay out a million.
There are a variety of life insurance types, and when they are assimilated to produce the most ideal scheme as each customer is unique in terms of life situations.
Life insurance is a very flexible term, and it constantly changes as life goes on. But the entire argument here is that a solid financial blanket is formed with the ‘addition’ of an income protection cover to the scheme.
Is income protection necessary?
There is a growing awareness about the critical illness cover. The fact that it is a highly recommended pairing with the life insurance package. To ensure the policyholder’s ability to thrive even when they are permanently unable to work to a health condition or accident?
But how about a situation when you are facing a non-life-threatening condition, and you will be fine after a few months?
In the absence of an income protection cover, there is a possibility that the existing scheme will pay out for the months where you could not work, and there was zero income to pay the bills.
Only income protection will ensure that the bills are paid such a situation.
How long does income protection pay out?
Income protections fluctuate with factors like the term, length of the deferred period, and the cost.
Many income protection schemes payout if the necessity prevails. Unlike the statutory sick pay, income protection is a dedicated service to the policyholder and is personally scalable.
The point here is that income protection is the most substantial financial addition to an existing insurance policy that pays out when all other policies fail.
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!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00