* Disclosure-This is a sponsored post.
What is income protection?
If you are sick and have to take time out of work, income protection insurance will basically cover part of your salary.
You never know what is about to happen, and having some kind of safety net can relieve the pressure of these situations.
For example, my husband is 34 years old, in good health and heart failure. We don’t know that we are going to face this terrible period in our lives. There is absolutely nothing that can prepare you for such an ordeal, but getting your finances in place is something you don’t have to worry about.
My husband did not work for a while after the heart transplant, so income protection would have been ideal. We are fortunate to be able to manage financially well, but when you have a family, it is good to know that if anything happens, the family will not suffer as a result.
There are two Income security Alternative policies-
- Short-term policy: This will provide income for a certain period of time (for example, 6-12 months).
- Long-term policy: This will be paid as long as the policy allows it, and this can last until you retire or longer!
What does income protection cover?
I think this is the first question that comes to mind before buying insurance. No one wants to pay premiums just to find out when to claim, you are not protected!
For self-employed families like us, taking sick leave is not an easy task. There is no statutory sick pay to rely on.
Income protection insurance can cover a wide range of injuries and illnesses, such as stress-related illnesses, back diseases, and more serious illnesses such as cancer and heart disease.
Before you agree to purchase an insurance policy, be sure to check with the insurance provider of your choice what insurance you will get.
What is the cost of income protection insurance?
As with all insurance policies, everyone’s costs are different. The premium will be calculated based on some of the following information-
- age
- marital status
- Current health
- Smoker or non-smoker
- High-risk work or hobby
- Policy period
I think income protection insurance is a good investment for self-employed parents. I think it will be a huge help to pay bills and other financial problems caused by unemployment.
Is this something you would consider?
