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Reasons To Purchase Income Protection Insurance

Income protection insurance policies have various benefits and people who opt for these policies can live their life without worrying about accidents and sicknesses. Income protection policies ensure that people can live their life normally if they cannot work since after filing a claim the policy holder receives a monthly amount that helps him and his family, live a dignified life. The following paragraphs will elaborate on a few reasons to purchase income protection covers.


Family Reasons

The most important reason people buy these policies is to ensure that their family doesn’t suffer when they cannot work. While most policies are only applicable to people who have fallen seriously ill or have become partially or fully disabled, a few policies are applicable to people who are retrenched or unemployed for a short time. It is important to note that in these two scenarios, the policy holder will receive monthly instalments for a fixed time only provided the policy holder meets certain criteria.


Surgery Benefits

Other than getting monthly payments in case of accidents, sickness and disability, policy holders are also offered a death benefit and transplant surgery benefits. While some companies offer only cosmetic surgery benefits or transplant surgery benefits, other companies offer both these benefits and additional benefits such as retirement benefits.


Additional Perks

In addition many insurance companies offer additional perks for no extra cost to promote sales and encourage people to opt for their company. While some companies offer free guidance other companies offer free blood tests and pick up the blood for these tests from the buyer’s house or work place. By selecting the right insurance company policy holders can enjoy these benefits and many more.


Low Cost

It is important to remember that although income protection insurance policies can cost 2-3% of your annual salary, these policies are definitely worth buying if you have a high risk job or is you earn above $50,000. Insurance on income cover up to 65% of the policy holder’s income and some policy’s cover an additional 8% which allows policy holders to live without worrying about unfortunate incidents.

Before buying an income protection cover, policy holders should not only consider the premium cost but they should also consider which features are offered so that they can get maximum benefits to help them out in case of unfortunate situations. Policy holders are encouraged to buy policies after considering their financial and personal requirements.


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