This is a real struggle to keep on top of their essential outgoings, such as mortgage and rent, if in any situation, they lost an income source due to illness or an accident.

Income protection insurance refers to a long-term insurance policy to ensure you have a regular income source till your retirement or can return to work. This article tells you how the insurance works when you need it. Talk to your insurance broker for the best advice on income protection insurance.

The Income Protection Insurance in Detail: Benefits of income protection insurance is that it offers you payments on a regular basis. This acts as a replacement part of your income if you are completely unable to work due to illness or an accident out till your income starts generating again – or you retire, die, or reach the end of the policy term – whichever is sooner provides you with coverage to most illnesses that is the reason for you being unable to work – wheather it's short or long term. (it depends on the type of policy and its definition of incapacity) You are allowed to claim it as many times as you need to while the policy lasts.

Do I need income protection insurance?
If you are unable to work because of sudden illness or an accident, you might assume that your employer will offer you some level of income.Very few employers agree to support their staff if they are unable to work for more than a year and they’re on sick leave from work. Discuss with your employer if he could provide you with anything if you’re off sick. In that case the level of savings you have made, play a crucial role. If you are facing loss of an income, it is really a serious issue that may make you unable to pay essential household bills, including mortgage/rent and utilities.
For more infromation visit: https://www.einsured.ca/