We’re all at risk of injury and illness, even if we feel fit and healthy right now. To be prepared for this eventuality, you need to get insured.
Income Protection Insurance
Income protection insurance is something you have to have in the long-term. It replaces a proportion of your income in the event of you becoming sick. If you do have the policy, and you get sick, it will provide you with an income for as long as you need it. That means they will pay you until you’re healthy enough to return to work or until you decide to retire and rely on your pension instead.
The good thing about this kind of cover is that it kicks in whether the illness you suffer is a physical condition or a mental illness. What some people often forget is that mental illnesses can be as serious as physical ones and sometimes they can stop you working. This can be a big relief as you get paid a continuous stream of money in the same way you get paid a wage when you’re working.
Where trauma insurance is different is how you get paid the money when you suffer an injury or illness. You get paid a large sum of money once, rather than a continuous amount. Which illnesses and types of injury are covered by the insurance policy varies a lot from provider to provider. You should do your research carefully and make sure you understand how much cover you get from your policy.
The money is paid to you as soon as the diagnosis is confirmed by a doctor. The lump sum provided to you to by the insurance company can be spent how you see fit. You might want to use it to help your recovery by paying for medical expenses with it. Or you could save it to pass onto your children and family. It doesn’t matter what you do with it though; it’s up to you. Compare trauma insurance quotes online to find the best policy for you.
Life insurance is different because it is, obviously, an insurance policy against your life. It doesn’t pay out if you get ill or injured; it only pays out when you die. This gives you peace of mind because you will be able to rest in the knowledge that your family will be provided for in the event of your death. When you die, your family won’t be able to rely on your income, so they’ll need something to live on.
You need to be aware that having this kind of policy will not help you immediately in the event of you becoming ill. So, you’ll never see the money from the policy because it will only kick in once you die. But it can be a great way to make sure your family doesn’t face financial hardship in the event of your death.
The world is a dangerous place, so make sure you find the insurance policy that’s right for you.