Could you provide for your family if an illness or injury prevents you from working? This is an important question to ask yourself and if you already see problems, you should consider a plan to maintain your standard of living. You should be proactive and reduce your stress; you make your life easier! The first thing to do is to understand what protection you already have.
If you have an emergency fund, you should also calculate how long it could last, and if you would pay unexpected medical expenses. Then compare your current coverage to all of your financial obligations and your current expenses. If you could run out of money, you should consider for your Income Protection.
In fact, losing the ability to earn an income, you may also lose the lifestyle that you have created for you and your family. An accident or illness can deprive you overnight the ability to work and earn an income.
Your health insurance will help you pay your medical expenses, but to replace your income, you need insurance to protect your income in case of disability. Even if you already have disability insurance through your employer, many insurance companies offer you Income Protection Cover that will help you maintain your lifestyle.
Importance of income protection insurance in case of disability
The lifestyle you enjoy, the university education of your children and your retirement savings, it all depends on your ability to earn an income. If you could suddenly had more work and less income on which you could count, and you need more extra expenses because of your disability, including medical expenses, which come from the money to replace your lost income.
Even if you are covered by disability insurance from your employer, the insurance may not be sufficient. In addition, if you ever change jobs, it is likely that you will no longer disability insurance from your current employer.
Imagine life without your income and think about the risk of becoming disabled at different ages and you will see how much Income Protection Insurance in case of disability is a good idea.