Income protection is an insurance where you get some benefits as well as money as per your policy when you are injured or met with an accident. When your company does not pay you when you are on a leave, then income protection insurance ensures that you continue to get some money even when you are on a medical leave. If you are planning to get income protection insurance and you are confused about where to compare income protection, this is the best platform to do so. Below listed are some advantages of income protection insurance which will insist you to get one:
If your accident and injuries are complicated, then you make take several months to recover and get back to work again. But when you have a family to take care of and they are all dependent on you for money, a bad situation may arise since you are not earning for those couple of months. Thus, here comes the need for income protection insurance. You get some money from the insurance company when you are on a leave. This will ensure that you continue to get some money for you and your family.
- Family Care Cover:
If you customize your insurance, you can get this advantage included in your policy. If your child is suffering from a medical problem, he requires his parents to take care and be there for him. But to be with your child, you need to take a long term leave from your job which causes financial loss. But when you have family care cover in your insurance policy, you are given some benefits if you take a leave for the reason mentioned above. Hence, one must have income protection insurance to be there with your family in medical problems.
- Premium Freezing:
One may be not working or maybe unemployed when you meet with an accident. In that case, you will not be given the benefits of the insurance policy. But it freezes the premium for sure instead of breaking it when you feel that you are temporarily unemployed or on a break. Thus, if you make a pause on your policy while you are not working, then you do not have to pay anything to the insurance company for that period of time. Hence, income protection insurance comes with this big benefit!
- Peace of Mind:
Not getting any money in your bank account while you are on bed and on a leave can put you in stress. This will put you in a bad state physically as well as mentally. It will all worsen the conditions. But if one has income protection insurance, they will continue to get the money while they are on leave. It makes you mentally stable knowing that you will be getting some amount of money and hence will provide a peace of mind. It also contributes to getting well back soon and ready to work again!