subject: How Can Your Job Impact Your Income Protection Insurance? [print this page] Most buyers who want to opt for income protection insurance plans are unaware that their current jobs can affect the income protection plan that they purchase. The following paragraphs will elaborate on how your job can affect your policy and what are the types of policies offered to people.
Before learning about the types of income insurance policies, it is important to understand what these policies do. Income protection insurance plans are meant to help people when they are unable to earn money from their jobs due to problems such as illnesses or injuries. These policies ensure that policy holders receive up to 75% of their gross income as compensation payments every month after they file a claim.
Based on job profiles there are three types of policies offered to buyers. The first type of policy offers compensation to white collared professionals who work in organizations. The second type of policy offers compensation to blue collared professionals who work in hazardous work environments. The third type of policy offers compensation to self employed individuals, partners and sole traders. Some insurance companies also offer a basic or general policy that is meant for people of all professions. Such policies offer basic benefits that are applicable to most professions.
Your job affects your policy in 2 important ways that are, people who work in a certain profession can only get a certain type of policy and the second way is that the cost of the policy will depend on your job. For instance, people who work in offices will only be able to opt for policies meant for white collared professionals and the cost of these policies will be lesser than the cost of policies offered to people who are at an increased risk of injuring themselves while at work.
Some people who work in hazardous work environments or have their own businesses often get discouraged by the facts mentioned above while buying a policy, however these people often fail to understand that income protection insurance plans often pay for themselves when the policy holder files a claim and these policies are worth the money paid to the selected insurance company. Buyers who want to enjoy the many benefits offered by these policies while saving money are encouraged to do two things that are, look for companies that offer income insurance plans for people on a budget and compare three or more policies before buying a plan. By doing these two things, people in all professions can get reasonably priced policies that will secure their financial future.
by: Brent Ford
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