Job All BD Best Job Listing Website of Bangladesh
Income protection pays a portion (usually 50%) of your income if you are unable to work due to illness, disability or accident. Income protection will not cover you if you lose your employment. You can choose to apply for a separate policy or add additional coverage to protect your income.
Income protection plans, like all insurance policies, take into account your age, gender and occupation as well as your health. The insurance company views you as a high risk individual and will determine the amount of premium you will pay.
It’s better than nothing.
Income protection is cheaper than PPI but offers better benefits. You have the option of choosing when you want the coverage to begin – after 4 weeks, 3 months, 6 months or even a full year. This allows you to fit the cover around your existing business insurance.
If your employer stops paying sick leave, your income protection plan can be set up to start after 28 weeks. If the coverage is extended then the premium will be cheaper.
Income protection will continue to be paid till the end of your term. Many retain this position until they reach retirement age. Your policy will continue as if you had claimed the policy and then come back to work.
high risk life
Standard Income Security may not be affordable for some people. There are policies called “age-related” policies that do not adjust your premiums based on your gender, occupation or whether you smoke. These policies may be better for people with higher risk in life.
You can also get income protection policies that pay for shorter periods and have lower premiums.
You should also be aware that income protection policies can affect state benefits. Hence you should always consult your advisor or insurance company.
Income protection can be expensive if you work in a stressful or risky job, have health problems or smoke. Most women pay more than men in most cases.
look around you
It is advisable to obtain an income protection quote first, and then apply for the most affordable providers. We recommend that you seek advice and shop around for the best deals.
Always consult an independent financial advisor (they can do all the market research for you). Find experts in income protection products.
critical illness insurance
Critical illness insurance is often sold to individuals. This is often in addition to a PPI. It is important to note that critical illness insurance is not a substitute for PPI or income protection.
Critical illness insurance will pay a lump sum if you are diagnosed with a critical illness like cancer or heart attack. This insurance can provide additional protection as you can use it for your mortgage and other large loans in case of an emergency.
It will not give you a steady income while you are away from work and it will not cover you against injuries or conditions like back pain or strain.
Critical illness insurance can provide additional protection for those who have the means, but you absolutely shouldn’t take it out on a policy that provides income for someone who is disabled or ill.
There are other options for PPI
Mortgage payment protection can be used to make mortgage payments. This insurance allows you to choose how much coverage you want each month.
