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Tailor Your Life Cover & Income Protection to Your Occupation

Last modified: 11 Feb 2013

The career you choose or have chosen will influence various decisions you make in your life. Your career will not only determine the lifestyle you live, but also the cars you have, the clothes you wear and the insurance you purchase. While selecting an income protection insurance plan or a life insurance plan it is important to understand the effect your career has on insurance so that you can choose a plan that not only suits your professional needs but also personal needs.

Factors You Must Consider Before Purchasing

Your lifestyle, your marital status, your age, your gender and if you have children are a few important factors you should consider before you decide which insurance plan is ideal for you. The most important factor you should consider before choosing a basic or premium insurance plan is your career since some careers cause the policy holder to work in hazardous environments and hence people with such careers need special income or life insurance plans. The benefits you will be eligible for will also be determined by your career hence before purchasing a life insurance plan, ensure that you meet the eligibility criteria.

High Income Earners v/s Low Income Earners

While it is a common notion that people who earn a high income need to get maximum income protection; it should be noted that people who earn a low income need maximum protection as well since they rely solely on their income to run their households. The amount you earn will determine how much the insurer will give you towards compensation payments; however whenever possible, policy holders who earn a low income or a medium income should try to opt for the best policy. Income protection plans are much needed investments that give high returns when the policy holder suffers from ill health due to which he is unable to work.

Life Insurance for High & Low Risk Professionals

You may believe that life insurance is a must for fire fighters, police officers and other high risk professionals and while you are correct, it is important to remember that people who are in low risk professionals also have dependants that need to be taken care of when the policy holder has passed away. More over; policy holders who work in low risk professionals often do not save money since they feel that they will be around for a very long time to take care of their family.

When a low risk professional dies prematurely without owning a life insurance plan, the family suffers the most since they not only have to deal with the loss of a loved one but also have to fend for themselves when they are not prepared for such a situation. Taking the right insurance plan and the correct insured amount is as important as taking insurance sine opting for a plan that does not give adequate compensation or benefits can cause problems as well especially for policy holders who have young children or elderly parents to take care of.


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