Protect your family’s lifestyle
with income protection insurance
(critical illness and disability insurance)
Everybody and their family are used to a certain kind of lifestyle. Some of them are simple and others more lavish, but whatever it is, it’s always a good idea to make sure you can maintain it with income protection insurance. This type of policy is quite valuable should your income be temporarily or permanently halted for any reason.
There are several reasons you may lose your income, with the two main ones being illness and injury. If you’re unable to work and you don’t have any types of insurance coverage then things are bound to get tough, especially if you’re the primary breadwinner in the family.
Most financial planners will recommend some type of income protection insurance, which may also be referred to as disability insurance or you can get a critical illness disability insurance (CI/DI which covers much more). Being insured is a key aspect to the well being of your family and you can easily protect yourself these days for a relatively low price.
You depend on your income to pay things such as taxes, the mortgage, college tuition, car payments and a variety of other living expenses. And while most people figure their chances of becoming disabled for any period of time through sickness or injury are pretty remote, the risk is actually a lot greater than they imagine.
There are many different types of policies available that deal in income replacement. They offer a wide range of benefits and the costs will vary depending on the amount of coverage you decide to purchase. There may be different qualifying criteria and most plans come in individual as well as group coverage. Some policies pay lump sum payments for injuries and a percentage of costs for sickness-related medical bills and hospital visits, etc.
If you’re retired, there are some types of disability benefits that are made available from the Social Security Administration. However, these are usually only available under limited circumstances. The administration defines a disability as being unable to work steadily because of a physical or mental disability that’s expected to last up to a year or result in death.
If you want to make sure that your income is protected it’s a good idea to compare several types of income protection insurance to see which one will help you and your family the most.