When you are buying something you will most probably be thinking about what exact benefits it will offer you. Income insurance is something that may not strike to you as very important when you first encounter it, but we are sure that as you learn of the benefits it offers, you will be a convert. The benefits of buying income insurance are many. Income protection is something worthwhile in today’s economic times. This article discusses the benefits it provides you.
1. Financial protection: This is the most important benefit of income insurance that you get. In the economic instability that the world is facing today it is imperative that you have financial protection. This kind of insurance cover provides you with protection against any inability to work due to injury, illnesses or accidents. This kind of plan may not pay you 100% of your income, but it is going to pay you up to 75% of it. We think such an income protection is really great as a sort of cover for yourself during times you may not be able to work.
2. Not an encouragement not to work: Income insurance is not to be considered as an encouragement not to work. Instead it makes sure that you are protected in times when you may be unable to work for some reason. It provides you with a guarantee of paying you a considerable part of your income so that you don’t have to worry about money when times are bad.
3. Disability to work: The thing about the future is that no one can predict it. Who knows what is going to happen in the future? Who can say for sure that you will not face an accident that will make you a disabled person unable to work for a living? If that happens, what is going to happen to you and your family? Bad times are something income insurance prepares you for and protects you against. In case you do face a financial crisis because of your inability to work, you don’t have to worry as your insurance cover is going to make monthly payments to you to get on in life. So you can keep away stress and depression in case you do face a crisis in life.
4. Save tax: Not only will you get paid 75% of your income from the insurance provider, you will also be able to avail of this amount of money tax- free! This is a great thing as it lets you not only get financial protection but also enjoy it without paying any taxes. Income insurance can be availed of either long term or short term. Depending on which insurance provider or company you choose, you will be able to avail of permanent compensation till the year of your retirement.
Having an income insurance cover makes good sense in these times of economic instability. It is a good idea to choose an insurance provider after you shop around. Making a good choice will help you be protected a lot more.
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