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Persuasive Essay On Income Protection Insurance

771 Words4 Pages

If you're working and you're the main breadwinner or income earner for your family, having some protection or insurance for the money that you bring in is a good idea. In other words, what would you do if you suddenly lost your job or couldn't work? How would you pay your bills and feed your family? If you don't have much in savings, you could end up with a serious financial problem very quickly. If you have income protection insurance, though, you can be much safer and have a lot more peace of mind, even if you do end up losing your income for some reason. There are all kinds of ways that a person can lose his income, and getting an income protection quote for insurance well before you have any income problems is a great idea. You need to …show more content…

You don't want to quit your job, thinking that you can go back to school or look for another job at a later date, only to find that your income protection cover isn't any good that way and you suddenly don't have any income at all. Income protection insurance provides an income if you are put out of work on account of sudden illness or injury. The idea behind Income protection insurance is to put you back to the same position you were in, before you were rendered incapable of work due to adverse health conditions. The good thing about this insurance is that it pays a regular monthly income that is absolutely tax-free. However, you may want to note that the insurance is not designed to let you make a profit out of your misfortune. The maximum amount that you could expect to extract out of the insurance is the after-tax earnings that you would have lost due to illness, after deducting an adjustment for state benefits you can claim later. In effect, you could hope to get around 50% to 65% of your earnings before-tax. Attractive as it may seem, you need to be sure that you have indeed taken a very close look at the fine print of your policy document so that you are sure what to expect from it when you really need

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