The Amazing Power of Income Protection Insurance Shouldn’t Be Overlooked
When you’re trying to figure out what you really need, it’s hard to actually sit down and have that type of conversation sensibly. You might feel that it’s impossible to get everyone’s attention. You might even feel like you’re just going to be pulling teeth when it comes to getting the answers you need. Trust us, we really don’t want to see you pulling teeth or getting worried about anything at all. You have to make sure that you’re focusing on a bigger picture, a better picture than what you have currently.
This is why income protection insurance is actually pretty important. Simply put, it’s money paid out to you if you are injured or disabled and no longer able to perform your occupation.
Keep in mind that you’re not going to get your complete salary paid to you. That’s why it’s still a great idea to keep saving money and having other sources of income coming in like royalties or money from another business. You also want to be able to ensure that you can handle waiting during the time your claim is begin processed and the money paid out to you. This usually takes about 30 days, but it’s definitely worth it. Anything that you can do to hold on during that time is probably for the best.
The deferral period is really what determines how much your premiums are going to be. If you’re really serious about income protection, you really need to make sure that you set your deferral period a slow as you possibly can. This will make it a lot easier to actually have the money sent to you faster. Now, if you have other sources that you can tap into for a little while, you might go with a higher deferral period to save some money. Everyone has to make a different decision when it comes to that, so don’t get stuck hoping that everything is going to just fall into place. You need to honestly be certain that you have things going smoothly.
Government schemes for disability are equally slow to kick in, and they don’t pay out nearly as much as you might think. Why go through life being unable to really get the protection you need when income protection is there in the form of an insurance policy? Like other forms of insurance, you will definitely want to shop around. Your employer might offer a policy at work, and that should be your first place to check out.
We know that you might be leery of insurance products after the entire PPI scandal went down, but income protection is actually legitimate. It’s been shown that insurers pay out 90-95% of all income protection claims. This is definitely a great thing, as it means that the help will be there when you really need it to be there.
Good luck with your decision. Once you look around at the insurance world, you’ll find that there are actually a lot of different companies out there looking for you with plans that are going to help you out with no trouble at all. Look into them today!