subject: Are You Eligible To Get An Income Protection Insurance? [print this page] Income protection ideas are meant to help folks obtain monetary safety when they can't start working briefly as a result of problems for example disablement or health problems. Foreign insurance providers that offer revenue insurance policy attempt to provide financial safety to every person. Nonetheless there are a few standards for individuals that want to protect their particular potential. The following paragraphs will help you realize if you're eligible to have an income protection strategy.
Income insurance policies are offered to permanent residents of a country. Income insurance plans are not offered to people who are just there for a short visit or temporary stay. These plans are offered to people who are 50 years or younger; however some insurers offer policies to people up to the age of 55 years. The main reason there is an age limit for buyers is because the benefit period is valid only till the policy holder is 60 - 65 years.
There are three types of insurance plans offered to people who want to ensure financial security when they are unable to work. The first type of insurance plan is offered to people who work in offices and have white collar jobs. The second type of insurance plan is offered to people who work in blue collar jobs or in hazardous environments. The third type of insurance plan is offered to people who have their own small business, are partners or sole traders. Some insurance companies offer a blended policy that is ideal for people in all professions.
Income protection plans are ideal for people who earn $20,000 or more as pre-tax income. These policies are tax deductible and people who would like tax benefits make ideal candidates for these policies. People, who want to protect their family from financial instability when they are ill, injured and cannot work also make ideal candidates for this type of insurance.
Remember, income protection insurance plans not only offer basic compensation benefits such as up to 75% compensation every month after the policy holder files a claim but these plans also offer advanced benefits such as a death benefit or rehabilitation compensation. Since there are many insurers that offer competitive plans, buyers have a vast choice and can select an insurer that suits their financial and personal requirements. Income protection plans are definitely worth the money since these plans usually pay for themselves in a short span of time. If you want to ensure that you and your family live a normal life when you cannot work then you are eligible to get an income insurance policy.
by: Brent Ford
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