subject: Why Income Protection Insurance? [print this page] Are you a homemaker? If your answer is yes then surely your family is dependent upon your spouses earning. He is the one, who is taking care of the finances of the family and any uncertainty such as accident or sickness can cause a great deal to your family. To give complete protection to your family, you should advice your partner to get Income protection insurance. The name of this policy is self-explanatory. And if you are the earner yourself then you would be concerned about your family in case you fail to earn someday. So it is advisable to be prepared today by buying yourself income protection insurance.
Income protection insurance can help you cover approximately 70-80% of your expenses such as gas, groceries, rent or mortgage, electricity bill, school fees etc. if any mishappening occurs to the earning member of the family. It can help you get along with your day to day expenses until the earning member get well and start to work again.
Here is an insight that you should have before even you convince your husband or yourself to pick income protection insurance for the family.
Who can apply: Any person, who is in a paid employment for 20 hours in a week and is aged between 18- 55 can apply for this policy. Self-employed person are also eligible to take this policy provided he/she is has been in the same business for at least 6 months. So the underline is that one should be a regular earner in order to be eligible to buy income protection insurance.
How can you purchase income protection insurance: Such insurance can be purchased online and also with the help of insurance brokers. You can get in touch with the agency that is already handling your other insurance covers such as general insurance, auto insurance etc. They can offer you cheap, flexible and easy to understand income protection insurance. The most convenient method is to search online for a website that offers the privilege of comparing insurance quotes from different vendors.
Types of income protection insurance: There are various types of covers that will offer protection under different circumstances. You can buy policy that will cover you in case of accident, or in case of sickness or both. Different plans will have different premium options depending upon the advantages they offer.
Term and duration: The insurance company will pay approximately 70-80% of the income of the policy holder during the accident or sickness for duration of 12 24 months. The term will vary and will be dependent upon the duration that has been agreed between the insured person and insurer at the time of purchase of policy.
Income protection insurance is the best way to protect ones family from the harsh slap of recession. It is hard to survive without regular income. Accidents and miseries are unpredictable, but one can at least be prepared for them and safeguard ones family from the suffering. So I hope I brought out the importance of income protection insurance very well. I am sure you are now thinking about your family so dont delay and get one soon. Visit http://www.incomeprotectioninsurance.co.uk now.
by: Jenymorison
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