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!