Things to Know About Income Protection Insurance

Income protection insurance is an insurance policy which pays benefits to people who hold this type of insurance whom are unable to work due to incapacity and accidents. This revolutionary insurance policy is mainly available in Australia, Ireland, New Zealand, South Africa and the United Kingdom. This revolutionary new policy and trend in insurance is quite great for people who wish to still gain income even when incapacitated.

How much protection can you get?

For those who wish to know how much you can get from income protection insurance, you will be happy on how much you can actually get. For those who have availed this kind of policy, policy holders can get up to 75% of their salary. A lot of people think that this policy serves like a vacation with pay but it only gives you 75%.

Waiting and benefit period

Just like a lot of insurance policies, there is a waiting period for such an insurance policy. The waiting period for income protection insurance may vary from 2 weeks up to 2 years. There are also a lot of lengths as to how long you will have your insurance. It may range from two years, or five years on duration or up to ages 65 or 70.

Questions when working part-time

A lot of people also wonder if thispolicy can be applicable to part-time workers. For husbands or wives who work part-time this is a great concern. Income protection insurance covers workers who have around 25-30 hours a week. For the part-time workers, there is a requirement of at least 3 days of work with 20 hours.

These are just the common things that are being asked about income protection insurance. These information answer commonly asked questions and a lot of people just don’t know these things. If you wish to still have income after a certain accident, the kind of insurance is perfect for you. Combine this with insurance you get when you have an accident, and you can treat every accident as if you’re on vacation.

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