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Health is an invaluable part of our lives. As we get older, we also have more opportunities to face the risk of disease.

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If an unexpected event happens to you, and that is due to poor health or prolonged illness due to an accident, you are dealing with insufficient financial risk in carrying out your daily routine activities and obligations. As a result of suffering from illness, activities can be disrupted for a long period of time. As a result, your regular monthly income can be disrupted, even lost altogether. If you want to protect income, please visit the website https://www.iselect.com.au/life/income-protection-insurance/is-income-protection-tax-deductible.

The poor condition of your health due to illness or accident can force you to be treated in a prolonged hospital so you cannot move. After the emergence of this misfortune, have you ever counted how long later you will face complicated financial difficulties? A study in the US published by the Life Foundation reports that 27 percent of US residents who experience prolonged illness will immediately experience financial difficulties.

Another 49 percent will experience financial difficulties one month later. What about the conditions in Indonesia? No research has been carried out in Indonesia regarding this matter. However, from this description, we can imagine how vulnerable our financial condition would be if at any time they were critically ill or seriously ill due to an accident for a long time!

These conditions hamper a person’s ability to work so that the person concerned is very prone to losing income / routine income every month. In fact, none of us can be free from the threat of such critical illness or serious illness. As an employee, if you experience something like that, generally the provisions of the company regulate the reduction in the amount of salary you will receive from month to month when you cannot come to work for a long period of time.

Of course, that reduced percentage of income won’t be enough to cover your routine expenses from one month to the next! What happens if a prolonged illness whips us who have professions as independent workers, for example as film artists, doctors, legal advisers, musicians, architects, or interior designers? When we experience this misfortune and it causes us to be unable to work, of course our financial condition is very disturbed.

Why is that? Because, as independent workers, we do not get compensation for regular income per month from other parties, like employees, so that our regular income can be immediately reduced immediately! When a prolonged illness befalls you, for example, and your regular monthly income decreases, what about the costs that you have to pay from monthly income?

Who will pay rent for the house, car loan repayments, mortgage payments are still running, electricity costs, and telephone costs every month? Without regular income inherent in you, we can be sure you will experience financial difficulties to cover a variety of routine monthly expenses.

Benefits of Income Protection Oriented Policy

In order to protect you from financial risk due to reduced or lost routine income per month because you cannot work due to prolonged illness, an income protection life insurance product is present for you.

This type of product is designed to maintain and protect your regular income (as an insurance customer) to a certain extent when you are unable to work as usual due to accidents or prolonged illness. This income protection type insurance policy will work to overcome the problem and prevent yourself as a customer from the emergence of financial difficulties! In this case, a life insurance company as a policy issuer will pay a sum of money each month.

As you wait for the recovery period and you continue to hope to be able to work again, you will receive regular payments every month from this insurance policy so that these conditions make it possible for you to meet your monthly routine needs. So, life insurance products that are faithfully income protection loyal to assist you in meeting your monthly needs.

This type of insurance product can replace your regular income that is reduced or lost when you are hospitalized! Income-oriented policy features issued by life insurance companies are usually diverse and different from one another. However, generally this type of insurance policy can be designed to start paying certain amounts of money in lieu of your income for about 30-90 days from when you cannot work.

This payment can continue for a period of time, for example 12-24 months, or as soon as you can return to work, whichever comes first. To ensure the consistency of your monthly routine income in the midst of unexpected risks arising from prolonged illness, make sure you have an income protection oriented life insurance policy! Immediately contact the life insurance agent of your choice!

They will provide professional consultation and assistance so that you get insurance products that fit your needs and financial capabilities.

Post Author: Suzannah Hoffman