Income Protection Insurance: a Security for Service Class
Income protection Insurance is must for a salaried class person, where the family is depended upon the salary and there is a serious need to secure it. This insurance covers those people who are not able to continue their job because of any illness or due to any disability. This kind of insurance is done by the employer or owner of the company for the employees. In this the employees are paid a certain percentage of their salary but in this a minimum amount of salary is deducted as premium for the policy. Income Protection Insurance helps those people who are depended on their fixed monthly income and it is necessary for them to have an insurance policy like this; to secure their families and to secure their family.
In some countries Income Protection Insurance policies are something different. It will pay the mortgage loan and other bills for a limited period of time and till that day when the person is ill. It is also called permanent health insurance in some counties and it provides tax free monthly income till the age of retirement. There are various kinds of Income Protection Insurance policies and it varies from types of job. In other words these kinds of insurance depends on the job profile, means the policies of this insurance varies if the person is doctor, nurse, teachers etc. It fits the specific needs according to the job and according to the needs and circumstances of the person. There are several companies who are doing these kinds of insurance as per the needs of the customer.
Income Protection Insurance is an insurance which has to be done by each and every salaried person as to secure the future of itself and of the family. It is said that if the person is a manual labor then the insurance companies can do a lot of changes in the policy as per the needs of the person. The waiting time is also important in this policy. Income Protection Insurance is beneficial in that period when the person is young and new in job.