Protect Your Biggest Asset, Your Income
It is our income that makes us survive economically. It is also our income that provides protection and comfort for ourselves, our family and loved ones. We always strive to get a stable, safe, and high-paying work to give financial security for our own and our family’s future.
What if one day, you would lose the thing that gives you financial protection? What if one day, you face an accident or sickness which puts your health in a critical condition and you are then unable to work? How will you then generate income? Who can give you and your family the protection that you need?
That is why income protection insurance exists; it ensures you that you can still continue receiving an income should situations change that you can no longer work. If your income is not insured yet, and haven’t even known of this before, then this article will help you have an introduction of the income protection insurance.
What is Income Protection Insurance?
Income protection insurance or IP is an insurance that covers you financially if you can no longer work because of disability and other health conditions. It serves as your replacement monthly income so that you can still be financially capable.
Typically, there are three situations where you can be protected by the insurance. Below are the
1. Accident and sickness
We don’t want to be in a terrible accident or sickness, but we never know when these situations may hit us. In times when you have to get a sick leave in the business company where you’re working, your employer may still give you a paid sick leave, However, this is only limited and the time for your recovery may take longer until you are capable of work again. The insurance will compensate you when the paid sick leaves are due and you still need to recover.
You may be working in a large company with high-paying salaries and employee benefits. These opportunities gave you a decision to stay there fo good. However, if one day the business fails and have to file for a bankruptcy, the salary and benefits that you and your family once enjoyed can no longer be enjoyed, and you will be left unemployed. Not all people are lucky enough to find new work immediately. While you are still looking for a job that can give you financial stability, the income protection insurance can cover the lost income for you.
3. Unemployment and accident and sickness
In worst cases when you can’t go back to work yet and your company goes bankrupt, that would give you an emotional disaster that you’ll no longer be granted a paid sick leave and more especially, you don’t know where to go anymore after the recovery. However, if you have an income protection insurance, you will at least remain at ease that you can still provide for your family.
Save for the Rainy Days
Continue to provide for your family’s needs even when tough employment situations happen. Buy an income protection insurance now, so that when times aren’t in your favor, when you get injured and can’t work, you can still receive a pay.