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Income Protection Insurance: What To Avoid When Getting One

There will come a time in your life when you would not have any source of stable income. It’s good if you are well prepared for this event, but if not, then you and your loved ones will be in a very sorry state. So, what can you do to be well-prepared in case you suddenly lose your job, become handicapped or incapacitated, and the like?

You need to be sure you have income protection insurance to eliminate the headache of not having the financial resources to make ends meet in the event that you lose your main source of income due to unfortunate incidents that you will not be able to avoid. Income protection insurance covers the following:

  1. Involuntary redundancy

  2. Accident

  3. Illness

Involuntary redundancy has some underlying benefits that include income payment coverage. This is very much important so that you can sustain your lifestyle in the event that you are not able to generate sufficient income yourself because of circumstances that you do not have any control on. It will not cover voluntary redundancy, though, but then again, the State would not even offer any support for cases like that.

Through the years, more and more improvements have been added to the income protection insurance sector. They are expected to continue in their improvements since several regulations that aim to protect consumers against providers practicing unfair selling tactics are in the works. This should be able to help those insured more by giving them the assurance that they will be covered in the event that they are not able to generate their usual income generation capabilities.

The move to regulate more the income protection insurance sector was actually spurred by the negative behaviors of large financial institutions like banks as well as other similar traditional lenders. This is more or less due to the fact that banks and other traditional lending institutions have the tendencies to incorporate the insurances they offer with their loan products in order to make their clients not have a choice but avail of them as well. Some would even go to the extent of billing their clients the insurance premiums without giving them a blow by blow account of what they are entitled to and even what they are actually paying for in the first place. They are sly enough to squeeze into the fine print the terms and conditions or the loan disclosures without even discussing them with their patrons.

The abuse on selling income protection insurance by traditional lending institutions have also been manifested through their selling them to people who are not even qualified to get the benefits in the first place. They sell to part-time employees as well as retirees who are not qualified to receive the benefits since the requirement to be able to file an income protection insurance claim would be full-time employment.

To avoid buying the wrong insurance package, make sure that you exercise utmost care when dealing with insurance providers. It will really pay for you to do a thorough background research. You should also start developing the habit of reading fine prints. This way, you can be assured that you will be getting what you are due when you need it.