Safeguard Your Income Through Insurance

It is truly beneficial and every employee’s desire to be able to work until retirement to sustain his needs and his family’s as well. However, unpredicted occurrences are bound to happen anytime, without anyone being ready for it, be it an accident, a sudden loss of job, or even death. While majority has this idea of a life guarantee being enough to cover their family in terms of financial needs in case of an untimely passing, this is not exactly reliable, as there are instances when the income earner is suddenly limited of his capability to work for a certain period of time due to accidents or illness. Therefore, the flow of money in a household will be halted as well, wherein the concept of insuring your salary will enter the picture.

Among the most common type of insurance you need to familiarize yourself of is disability insurance. This one provides a way for a steady stream of earnings had the person develop a health-related complications that disables him to work for a while. There are different procedures for this policy, but each opts to compensate for one’s wages for an agreed span of time. It usually starts implementation either the moment your employer’s sick pay comes to an end, when the policy terms expire, or during your retirement age. Nowadays, more and more advisors are recommending this since it ensures a regular source of funds for every laborer.

Also, this kind of guarantee comes in two category. It can be a critical illness insurance wherein you will get your pay in bulk for a single time only. You can also avail of the other short term one which provides you with a monthly sum of money until a specific date.

These insurances will be of great aid in case of a medical emergency, which may cost a lot more than you think even with a health insurance as it does not cover some additional bills such as physician fees.

In a situation wherein there is an unexpected loss of employment, you can also apply a redundancy guarantee, or unemployment protection insurance. It often covers a portion of your weekly earning, especially those that are not included in government unemployment benefits.

A mortgage payment protection insurance, meanwhile, protects policyholders by compensating for an equivalent amount of their monthly mortgage fees during a period of unemployment.

An income is never an lifetime assurance. You may fall ill, get into an accident, or lose that job when you least expect it. Hence, it is important that you secure your earnings to prepare for every situation that may occur.