When it comes to income protection insurance or permanent health insurance, this type of plan is designed to cover a percentage of your income in the event that the individual is unable to go to work due to illness or injury. Basically, you pay the premiums, which happen to be affected by any number of situations, at which point, you will receive coverage for the period in question. In some cases, this income will take you into retirement, and that refers to the time that you would have basically stopped your employment and been receiving pension.
As a guide roughly fifty to eighty percent of the income is covered, and this does not include often the monthly benefits and sick pay from the respective employer.
It is vital that before taking out insurance policies that you investigate what it is that you already have in place. Moreover, speak to your employer directly, as many companies will have insurance, which is commonly known as a Group Income Protection Policy. The companies cover many of the employee costs associated with loss of earnings because of illnesses and accidents. Often there is a short waiting period before the payment is made, and therefore it is essential that you check all of the policies relating to your specific company in order to bypass any frustration later. Most importantly, you need to find out what will give you the best coverage at the right price.
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