If COVID-19 taught the world anything, we’ve learned that we must protect our income in an emergency. Many people were left broke when COVID made its way across each country, and that should never have happened.
When illness or injury strikes, you must ensure that you and your family are protected if you find yourself out of work for longer than expected. If you’re concerned about what would happen to your income if you got gravely ill, keep reading to discover how to find affordable income protection insurance.
1 Your Current Financial Situation
According to Forbes, the first thing to be done when purchasing insurance is to assess your financial situation. You want to avoid breaking the bank to buy insurance, so it’s crucial to find out what you can afford before making any moves. If your quote is more expensive than you’d like to pay, you can reassess the situation later or speak to an insurance agent to discuss your options.
2 Don’t Rely on Your Government
Many people believe that the government will support you if you ever get life-threateningly ill or seriously injured, but that’s not the case. Most governments provide very little support to citizens who are sick or injured and can’t make it to work for an extended period of time. The best thing you can do for yourself is purchase Income Protection Insurance to avoid suffering and missed payments down the road.
3 The Occupation Class
The most important part of an income protection policy is the occupation class. The insurance company uses the occupation class to determine whether they will pay your claim. Several definitions are available to decide what kind of coverage is available to you.
The most popular definitions are “Own Occupation” and “Any Occupation.” Own Occupation means you can make a claim if you cannot do the job you’ve been hired for, and Any Occupation means you cannot do any job because of your illness or injury. If you’re concerned with what Income Protection insurance you should purchase, contact iselect income protection insurance.
4 Guaranteed Rates
Insurance can be expensive, especially if you pay for it out-of-pocket, and no one wants to spend money on insurance you may never use. Getting a guaranteed rate will allow you to breathe easy, knowing your income is protected if you ever need to call off work for an extended amount of time due to an illness or injury.
Another option is to opt for renewable rates. Even though renewable rates start inexpensive, they won’t always stay that way. You could start out with an affordable payment and end up paying more than you can afford, so make sure you pay attention to the small print.
5 What Else Are You Entitled To?
You need to find out if you’re eligible for any other benefits. For example, you can find out if the state or your employer will pay you for an illness or injury and for how long. Any additional benefits you receive will affect how much the insurance company pays out if you’re ill or injured.
COVID put people out of work worldwide, causing them to lose money. In turn, people scrambled to make enough money to pay their bills and support their families. Don’t allow this to happen to you again. Before an emergency, check out the incredible benefits of purchasing Income Protection Insurance. After all, wouldn’t you rather pay for something in the long run that could protect you at your lowest point? Don’t risk another illness without coverage and contact your insurance agent today.