subject: The Actual Expense Of Income Protection Insurance [print this page] Buyers often wonder simply how much income protection insurance costs plus they wonder if the type of insurance plan is worth buying. The truth is that, income insurance policies are a good kind of insurance that will not cost much especially because it will pay for itself when buyers declare claims. Listed here are a couple of details that will help you view the real expense of income protection insurance.
Buyers who want to purchase basic plans that may have a longer waiting period, a shorter benefit period and a few limitations can expect to pay approximately $10 every month however, this amount will be affected by the insured amount and many other factors. Buyers, who are interested in purchasing good plans that have fewer limitations, are flexible and offer maximum benefits should expect to pay an additional $5-$10 every month.
There are various factors that will determine the exact cost of the income insurance plan you purchase and the best way to determine the real cost is to use an insurance premium calculator before purchasing insurance. However, an instance of the real cost of this type of insurance is as follows. For $3.50 a day, a 35 year old female professional who works in the office and earns $60,000 every year can expect to get a policy that offers monthly benefits of up to $3,750.
Some of the important factors that are taken into consideration by insurance companies before buyers are given an estimate include but are not limited to the gender of the buyer, the age of the buyer, the number of years the buyer has been employed, the number of years the buyer plans to work and the current salary package of the buyer. If the person purchasing the policy wants to get a flexible plan that gives him the power to choose various features such as a shorter waiting period or a longer benefit period then he can expect the premiums to increase slightly.
Buyers should always remember that income protection insurance is meant to help people when they cannot earn a steady income due to health problems such as injuries due to an accident. Although most buyers try to save money while buying insurance, it is crucial to remember that buyers should select the highest insured amount possible and maximum benefits. Buyers are usually offered policies that allow them to insure up to 75% of their yearly income and a few buyers that have retirement or other additional perks as part of their total salary package may be offered an additional 8% insurance.
by: Brent Ford
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