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Showing posts from July, 2014

Insurance 101: Insights on Protecting Your Income

Have you heard of income protection? It is one of the must-have insurance policies that every working adult should possess. Unfortunately, not many invest on it. This may be due to the lack of knowledge about its importance. Loss of income is a sad reality that could happen to any employee. It can result from the inability to work temporarily or permanently because of accidents and/or illnesses. Although employer companies offer appropriate compensation during such situations, the amount that the ailing employee will receive may not be enough to cover his medication and other expenses. And it cannot get any better if he has a family to support. Through an income protection policy, concerned workers can be assured of continued income flow in the event of an injury or illness. The income that he will be receiving would be equal to the amount he used to receive prior to his loss of earning capacity. The income referred here is called payouts. These payouts equate to such amount beca