What Can Income Protection Really Accomplish For You

Income protection is something that is now getting talked about a lot more, especially as the economy continues to worsen. You’re better off making sure that you have a backup plan in case your job doesn’t really last as long as you think it will. Insurance products are designed to kick in when you really need them most, but it’s going to be up to you to really figure out how things are going to work. Don’t give up on your options until you’ve done the research.

Income protection kicks in when you are sick or injured, leaving you unable to go to work. This is something that’s really important in a down economy, where it might take you some time before you can receive Government benefits. Never count on the State when you can do things on your own. Yes, you’ll have to pay for it but when you think about it, you’re actually going to be paying for the State covered benefits one way or the other anyway. You have all of the options in the world to really get things off the ground. Don’t give up when you are surrounded by options.

If you’re going to go with income protection, it’s all about looking at how much of your income is going to be replaced. Obviously, the higher the percentage covered, the more your premiums will be. Trying to get 100% coverage just doesn’t work. There are a few insurance providers, but the reality is that this is very expensive coverage. A reasonable percentage would actually be somewhere around 80%. That does leave you 20% short, but it’s better than 0%, for that’s sure.

I had to think about income protection myself when I found myself watching a friend go through sheer hell trying to keep her family afloat. She had hurt herself at work, and her recovery took several months. That was a very tough time of calling family and friends to help — even getting her sister to live with her. If you’re trying to avoid that type of pain for your family, then you really want to make sure that you’re looking at getting some income protection cover for yourself. I went to my employer and looked at their plans first. I’m lucky that way, of course. If you have no employer coverage available, there are plans available on the market for you. You will need to make sure that you’re digging into the guts of all of these income protection plans. Just because a policy is cheap doesn’t mean that it’s really the best for your needs. You could find that you’re facing a lot of problems without actually getting things done. What if your claim is rejected because of some technicality that you didn’t know about unless you were to read all of the fine print. Even though we say this all the time, it is shocking how many people agree to terms that they’ve never really read. That’s absolutely damaging to what you’re trying to accomplish.

Income protection is fast becoming something that’s not just nice to have — it’s downright necessary. Do you really know what you would do if you go injured tomorrow? Even if you have a modest amount of savings, it’s not going to handle what you need to get handled over the long run. How long do you think your savings will last? Do you really want to test that theory? Do you really want to find that you’re not going to be able to do the things that you need to do?

It’s going to be a matter of trying to figure out things for yourself before it’s too late. Good luck with everything that you have going on now, and in the future. Get income protection cover now, before you get seriously hurt. It is an insurance product that will easily pay for itself!

Continue Reading

Your Financial Blueprint and Income Protection Are Truly a Perfect Match!

Your financial blueprint is the plan that you have for your life, as you want it to be. It’s not always what we have today, but it’s the plans that we have for ourselves tomorrow and the day after that, and the day after that…well, you get the idea.

Protecting that financial blueprint is honestly going to be one of the most important things that you could possibly do for yourself. You will need to make sure that your family’s needs are going to be fulfilled for the long term, because if they aren’t you’re going to be in real trouble.

Thankfully, your financial blueprint and income protection actually go hand in hand. The more planning that you can do in the short term, the more your financial future will sparkle. It’s true that you could probably go your whole life without any type of insurance coverage and be just fine — aside from auto insurance of course. However, you will need to think about the downfall of not having that peace of mind. What if you do get sick and you’re not able to work? That would really slow you down in big ways, and you will need to make sure that you focus on the bigger picture. Do you really want to risk your family’s future in case that you’re wrong?

Income Protection

That’s probably not what you want to do anyway, so let’s talk about how to get some more stability in your life.

You will want to first look at your employer’s list of benefits before you try to go get income protection on your own. This might allow you to save money on those monthly premiums. This is because your employer can get a group rate that’s going to be cheaper since they have so many more people than you do. Don’t feel pressured either way — there’s the right policy for everyone.

You also want to make sure that you talk with your insurance rep about the features that you really need. Don’t think that you just have to accept a policy as it’s written. You can usually customize a policy to a certain point. That might mean raising the coverage and adding a higher percentage of income than what’s offered in the standard plan. Either way, now is definitely the time to take action — are you ready? Let’s go!

Continue Reading