Income Protection
Protecting your paycheck
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No Health Exam Required
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Replace Income
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Cash Back Options
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Protect Against Serious Illnesses
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Stable Payment Rates
Personalized and comprehensive coverage tailored to you from America's top insurance companies in the country.
Income Protection Benefits
Income protection insurance is designed to provide financial support if you are unable to work due to illness, injury, or disability. It replaces a portion of your income during the time you are unable to earn a salary. Here are some key points about income protection:
Six Benefits of Income Protection
Financial Stability
Peace of Mind
Customizable Coverage
Protection Against Unexpected Events
Helps Maintain Financial Goals
Preserves Savings & Investments
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Understanding
Income Protection
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Coverage Amount: This is the percentage of your pre-disability income that the policy will replace, usually between 50% to 70%. The amount should be sufficient to cover your essential expenses.
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Benefit Period: The duration for which you will receive payments if you are unable to work. This can vary from a few months to several years, or even until retirement, depending on the policy.
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Waiting Period (Elimination Period): The length of time you must wait after becoming disabled before you start receiving benefits. This can range from a few weeks to several months.​
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Definition of Disability: This specifies what qualifies as a disability under the policy. It can be either "own occupation" (unable to perform your specific job) or "any occupation" (unable to perform any job you are reasonably suited for).
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Premiums: The amount you pay regularly for the coverage, which can be monthly or annually. Premiums can vary based on your occupation, health, age, and the coverage level.
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Benefit Adjustment: The policy may include provisions for adjusting benefits based on inflation or changes in your income level.
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Riders and Add-Ons: Optional features that can be added to the policy, such as coverage for specific conditions, cost-of-living adjustments, or partial disability benefits.
Benefits of Income
Life Insurance
Guaranteed Income for Beneficiaries: Provides a steady income stream to your beneficiaries, ensuring they receive financial support after your passing.
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Financial Security: Offers peace of mind knowing that your loved ones will be financially protected and able to maintain their lifestyle, even in your absence.
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Debt and Expense Coverage: Helps cover ongoing expenses, such as mortgage payments, education costs, and everyday living expenses, alleviating financial strain on your family.
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Tax-Free Benefits: Typically, the income received from a life insurance policy is tax-free, maximizing the amount of support your beneficiaries receive.
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Flexible Benefit Options: Allows customization of policy terms, including benefit amounts, payout durations, and premium structures to suit your specific financial goals and needs.
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Cash Value Accumulation: Some policies, such as whole life insurance, build cash value over time, which can be borrowed against or used to increase the policy’s benefits.