If you do not already have your income protected, you need to make a move now and turn to a reliable income protection insurance company.
While life insurance and vehicle insurance are very common, not many people are aware of income protection – iSelect and other such companies are taking steps to make people aware about the importance of income protection, and there seems to be a gradual change now with more and more people waking up to the importance of getting their income protected.
If you haven’t already gotten your income insured, it is time to make a move. Think about why you need insurance. Let’s consider vehicle insurance here. When you take your car on the road, you run risks. Your car might get stolen or god forbid you might get caught in an auto accident.
This can cause damages to not only you but your vehicle as well. These damages require money to be repaired, and you count on your insurance company to clear the bills for you. In simple words, this insurance is just a way to avoid risk.
Now think of your income. Is it complete risk free? No, it is not. What is income? It is a fixed amount of money you make for providing your work or services. But do you always make the money you expect to make? The sad truth is that it doesn’t happen this way.
Deductions are a real phenomenon which can bring a lot of trouble to most employed. Deductions are basically pay cut due to work missed. There are major reasons why you may miss work with sickness being the number one cause.
Most companies offer around seven to eight paid sick days, but sadly a large portion of employees need to take more sick days off. These days illnesses are common, and we fall sick more often and the number usually surpasses the number of paid sick days allowed.
As a result one has to miss work and hence get a deduction in the pay. Since most of us live from hand to mouth, making less money than expected can get people into financial trouble.
To stay away from all such trouble, you need to turn to income protection. When you have your income protected, your insurance company will cover a pre-agreed percentage of the pay that you missed.
The cost of insurance depends on how much of pay you need covered. Most insurances cover up to 75% but you must ask your insurance provider to be sure. In addition to this, the cost also depends on your salary. The more income you have, the costlier the insurance.
Nonetheless, income protection is something all salaried individuals must have. If you do not have it already, it is time to look for a reliable income protection insurance provider so that you can feel safe and secure.