If you lost an income due to a major illness or any kind of accident, income protection insurance can ensure a regular income until you retire or are able to get back to work. It provides regular earnings that replace part of your income at a time when you are not capable of working to generate income for yourself. One of the major advantages of income protection insurance is that it continues to payout until you start your work once again. In addition, it can provide you with around 50 to 65% of your income during the period of your illness. Top insurance companies offer income protection insurance policies that can be customized to suit your needs and preferences. You may choose to pay a higher premium or may choose to reduce your premium amounts by extending the premium period.

Another important aspect of this kind of insurance policy is that it covers most illnesses and diseases that leave you unable to work. Top insurance companies offer different types of income protection insurance policies for you to choose from. You may opt. For a stepped policy where the premiums are low when you are young steadily rise as you age. One of the significant benefits of this kind of insurance policy is that you can make a successful claim as many times as you need to till the policy lasts. You enjoy plenty of options to customize your insurance policy based on your age, nature of work, and severity of your illness. Moreover, this kind of insurance can also be used to care for a sick child. You can do this by opting for additional features. One of such attractive features is family protection or family care cover.

Family care income protection insurance policy allows you to take leave from your work to care for your child who is seriously ill or suffering from a critical disease. In addition, income protection insurance policies are free from taxes. Premiums for this kind of insurance policy are completely tax-free. Therefore by paying premiums for income protection policies you can save a lot of money on your current income. In case, you are struggling to keep up with your mortgage payments, personal loan, credit card, or borrowings, income protection can also help you with these as well. Depending on your policy type, it can provide you with a monthly financial benefit while you remain unemployed. The premiums for your income protection insurance depend on a couple of factors such as your age, your occupation, existing clinical symptoms, and your lifestyle. The significance of this kind of insurance is paramount for ensuring a steady flow of income during unemployment.
For More Information : https://www.einsured.ca/