Income Protection Insurance For Income Protection
Income protection insurance is recognized as a must for many who earn over $20
,000 a year as this insurance policy ensures that a policy holder can run his household and settle payments even if he cannot work temporarily due to illness, injury and certain other conditions. Furthermore, renters insurance plan makes certain that children and family members from the insured individual don't need to suffer if the policy holder is temporarily struggling to earn his monthly income.
Income insurance plans can be categorized based on the type of contract, the tenure and type of premiums. Indemnity contracts are cheaper contracts but they are not ideal for people who want maximum protection since indemnity contracts can have certain limitations. For instance, people who buy indemnity contracts will get a variable amount after they file a claim and this amount will depend on the amount they earn at the time of the accident or filing the claim. This is considered as a limitation if the policy holder's earnings have reduced while filing the indemnity income insurance claim.
Agreed value contracts are considered ideal for people who want to get a good policy with maximum protection and are ready to spend a few dollars extra every month to get a good policy. Agreed value contracts make sure that the policy holder gets a fixed amount from the insurance company that has been pre decided at the time of applying for the agreed value contract.
Based on the tenure of the contract, income insurance plans can be categorized into 2 categories that are long term plans and short term plans. Long terms plans are ideal for buyers who want to protect themselves and their families for an extended period of time. Short term contracts are ideal for buyers who want temporary protection.
Buyers are given two choices when they opt for income protection insurance contracts. The first type of premium is known as the levelled premium payment plan and is ideal for people who want to pay a fixed amount over a pre decided period of time. The second type of premium plan is known as the stepped premium payment plan and is ideal for people who want to pay lower premiums at first and higher premiums later on. Usually buyers who opt for long term plans prefer levelled premiums since such premiums ensure that the buyer does not have to pay higher premiums as he gets older.
by: Brent Ford
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