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Income Protection Life Insurance Defined

By Stan Zenk

About Income Protection – We all need to work to earn money for our day-to-day needs, and it is very much demoralizing if we cannot do that anymore due to sudden events like accident, life-threatening sickness, or death. For most households, personal savings could be wiped out quickly if the chief breadwinner was no longer earning income. Even government benefits won’t be enough to support the family’s needs particularly when there are bad debts and mortgage to pay. Increasing debts, losing properties, and unfinished education are common consequences that come with this. There’s a remedy for this, which is by means of income protection life insurance.

Protection in the future- Just like any other assurance plan, income protection life assurance aspires to cover for the family’s obligations when the breadwinner is already incapable. Instead of paying out a lump sum payment in the event that the insured individual is incapacitated or passes away, this type of policy typically pays the recipients a certain amount month-to-month, protecting them from the toughest financial effects of this difficult situation.

What are the different Income Protection Types? – The insurance coverage comes in three types. When you lose your work, the unemployment cover will shoulder your financial responsibilities while if you have been declared incapacitated because of life-threatening disease, the incapacity cover will provide you with a pay-out. Unemployment and incapacity cover is the most comprehensive, protecting the insured individual in either scenario As usual, the sum of coverage will be the basis for your life insurance quotes.

Levels of Protection – Insurers provide a maximum pay-out which is equal to half of your existing income, this is a portion of their plan to somehow motivate the policy-holder to work again as soon as he possibly could. The benefit length is just brief, which can only last around 5 years maximum. This benefit period given is enough for you to pay your obligations while minimizing expenses, seeking alternative sources of livelihood, as well as push other family members to step up and contribute.

Where to Look for Cheap Policies – Cheap life insurance is something of a scarcity. Pay-outs for income protection plans are actually bigger, a reason why this type of insurance has high monthly premiums. You need to be persistent enough while exploring for a plan with discounted prices, since insurance providers are now cautious in selling IPI after the Payment Protection Insurance (PPI) mis-selling scandal. The net is a wide network to find many life insurance quotes. There are even websites that compare coverage offered by different companies, helping you choose easily based on your specifications. Or perhaps you can go traditional and have the services of private financial advisors.

Take care of you and your family from stressful life incidents with a life protection plan. Tescobank.com has sought after life insurance offerings.

Post Office Insurance is a second preferred option that provides a number of types of policies.

Article kindly provided by UberArticles.com

Topics: Finance | Comments Off

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Article Citation
MLA Style Citation:
Zenk, Stan "Income Protection Life Insurance Defined." Income Protection Life Insurance Defined. 17 Apr. 2014. uberarticles.com. 2 Aug 2014 <http://uberarticles.com/finance/income-protection-life-insurance-defined/>.

APA Style Citation:
Zenk, S (2014, April 17). Income Protection Life Insurance Defined. Retrieved August 2, 2014, from http://uberarticles.com/finance/income-protection-life-insurance-defined/

Chicago Style Citation:
Zenk, Stan "Income Protection Life Insurance Defined" uberarticles.com. http://uberarticles.com/finance/income-protection-life-insurance-defined/


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