What if one day, you no more have a job on hand? Something unfortunate strikes you and you are unable to go to work or have been laid off due to company's down sizing policies? Your family is dependent on you, your kid's education and their future is dependent on you. It might be a doom's day for you! How can you avert this situation?
Yes, you can easily avoid such a situation from arising. It is but inevitable to lose a job or to be unable to go to work due to redundancy, sickness or accident. Therefore, you can safe guard your income in such unfortunate times. Income protection insurance is the apt one for such circumstance. How does this help you?
It is an insurance plan that protects your salary in times of a crisis situation. Inspite of losing a job, sickness or accident you can still get a portion of your salary which helps you meet your basic expenses and continue to lead a normal life. You will get monthly benefits in order to able to meet your medical expenses, grocery bills, electricity bills and mobile bills etc.
Monthly benefits provided by the insurance company will help you cover the following:
- Mortgage payments
- Medical bills
- Grocery bills
- Kid's education etc.
Mortgage payments: If you have a mortgage loan and have pledged your house, this insurance will help you retain your house or collateral. You will continue to make your monthly payments to the loan provider despite of lay offs or redundancy. No, lender will make harassing calls or carry out any court proceedings for non payment of mortgage.
Recovery period: It helps you cover up your medical expenses and recover from your illness. You can continue to lead a normal life and get the medical treatment covered up with this monthly benefit from the insurance company.
Grocery bills: Most importantly, your basic needs will be met. You can buy your groceries without worrying about your redundancy and continue to have your meals on time.
Kid's education: Your kids can continue to go to their schooling. They can obtain a secured future without being affected by your lay off.
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