12.09
I believe, none of us ever wish for bad things to happen. But in reality, we will never know what will happen tomorrow or in our future. Some unwanted accidents, illnesses, and another disaster may happen to us someday and somehow. If those things happen to us, we will not know certainly about our job in the future. For example, if we get a car accident and (hopefully not) we get our arm broken, what will happen to our job? Can we still using our hand to do our daily work?
No work, mean that we can’t provide money for our life. That must be a very bad situation for all of us. We have to make sure that we can protect our future income just in case this kind of tragedy happened.
Do we need to have an insurance protection? Yes, of course. But, what kind of insurance do we need? Most of us would think that having a life insurance is the only way out to protect our future. In simple way, yes it’s true. But, life insurance only covers us for one single time. We could not provide money continuously to replace our steady income that failed because of such accidents.
If you ever consider this matter, then you can find the solution in a specific kind of insurance : Income Protection Insurance. This is a kind of insurance policy, specifically to ensure the steady income when the person having problems that caused disability to work and generate money from it.
Income Protection Insurance provides a monthly payment to the insured person, usually around 50% to 65% of a gross monthly income provided by the insured person in his normal life, until he can be able to get back to his normal work. If the insured person having a long term illness and there’s no hope for him to work anymore, then this insurance will pay you until your retirement age.
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