With our economics’ current situation, every individual has to make sure that no matter what happens, they can still guarantee themselves some financial support especially in important cases. One great way to do this is by purchasing Income Protection Insurance. Below is a list of FAQs regarding this type of plan. Read it thoroughly so as to make a knowledgeable decision should you choose to get this insurance.
Does Income protection cover part of a loan or credit card application?
Yes, you have this option while you apply for a loan. If you feel your company’s status is unstable and you’re worried from being laid off, you can opt for it to pay back your loan dues.
On what basis can you use this protection cover?
Your protection cover can be utilized in times of accident, illness, lay off or any other involuntary reason. You will be compensated with supplementary income except when you have voluntarily resigned from your job.
Can you claim for the compensation the moment you became jobless?
No, some insurance companies take 30 days and few others have it after 90 days of redundancy.
Will you be paid full monthly salary lest you have lost your job?
This differs from one insurance company to another. Usually, it is 50 to 70 percent of your salary.
Are there any limitations on how you can use them?
No, there are no restrictions. You can use it for house hold expenses, mortgage payments, grocery bills, credit card bills etc.
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