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Income Protection Insurance for Working Couples


 

Usually income protection insurance plans are purchased by 1 person in each family, usually the person who earns the maximum income. These days, financial advisors and experts agree that in the case of working couples both partners should purchase income protection plans especially if they have dependants to take care of. By taking separate or combined income protection covers for both partners, the family doesn’t have to worry about money when either one of the partner falls ill or gets injured.

While getting income insurance for both partners, buyers should remember that due to the competition, these days insurance companies offer package deals and discounts for couples or buyers who want to buy more than 1 income protection policy. In addition, many insurance companies offer online deals and buyers can also save money by comparing 3 quotes or more by using comparison websites. Getting multiple quotes and comparing these quotes usually does not cost anything but doing so helps buyers get the best deals. Couples who plan to get income protection covers are encouraged to check the terms of the plan before agreeing to purchase the policy and they should ensure that a suitable waiting period has been selected especially if the couple has dependants.

Remember – Income protection insurance only protects people when they cannot go to work due to falling ill or due to being injured. To enjoy the benefits of these plans, the policy holder has to file a claim. Income protection plans do not provide permanent protection and will only protect the policy holder till he cannot go to work or till the benefit period is valid. These rules are applicable to both male and female policy holders.


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