By Dennis Barnes Misfortunes befall people every year, some of which take away their ability to work. There are lots of diseases and accid...
Misfortunes befall people every year, some of which take away their ability to work. There are lots of diseases and accidents which can render a person incapable of working. In light of this, it is best that a person takes insurance cover that shields them against these risks. One example of such cover is the income protection insurance policy (IPI). This kind of insurance policy targets to provide protection to the insured against the risk of inability to work. When in need of Income Protection Dublin should be visited.
The inability to work may be caused by illness or injury, which incapacitates the individual. Most employers usually provide their employees who fall sick with sick pay. Whereas sick pay may be enough for people affected by minor health conditions that require staying away for a few days, it may not be enough for some. This is the case especially if one has to stay away for a very long time or if they cannot resume work even after getting better.
IPI can be very beneficial to a huge number of people, especially those who do not receive sick pay from their employers when they are sick. Similarly, people who are self-employed may benefit a lot from such policies because their job stops when they cannot work anymore. That means that income is also interrupted. This can be a big problem if one has to stay away for a long period.
Policies provides under IPI usually vary with the insurer. Some insurers provide the policy holder with enough money to pay bills and other expenses adequately. On the other hand, other insurers only provide a certain percentage of the total salary the policy holder was receiving. There are also several other factors that may affect the amount of money one may receive from the insurer.
IPI has three main types of cover. Own occupation is the first cover. This one applies to individuals who experience sickness or accident and are unable to work in their own occupation after recovery. Suited occupation forms the second cover and it deals with individuals incapable to perform the work they had before or the same work for which they have qualifications and experience level.
People who are completely incapable of doing any job even after recovery from sickness or accident are covered by the third type of cover. The insurers are usually keen on people they compensate. This means that if a person does not choose a suitable policy, then they may end up with no compensation at all. Others decide to purchase multiple covers to ensure they are covered comprehensively. However, this option can be costly.
Mostly, the payable benefit to holders of a policy is pegged at a certain percentage of what they initially earned before the incident. In most cases this limit is placed at 70 percent. In other cases, high earners may even receive smaller percentages. The insurer pays even a smaller amount if the insurer has other benefits arising from other policies.
Payments are made on a regular basis. In most cases, they are made on a monthly basis, but weekly payments are also not uncommon. The insurer can also not cancel or refuse to renew the policy provide the policy holder continues to pay premiums as before.
The inability to work may be caused by illness or injury, which incapacitates the individual. Most employers usually provide their employees who fall sick with sick pay. Whereas sick pay may be enough for people affected by minor health conditions that require staying away for a few days, it may not be enough for some. This is the case especially if one has to stay away for a very long time or if they cannot resume work even after getting better.
IPI can be very beneficial to a huge number of people, especially those who do not receive sick pay from their employers when they are sick. Similarly, people who are self-employed may benefit a lot from such policies because their job stops when they cannot work anymore. That means that income is also interrupted. This can be a big problem if one has to stay away for a long period.
Policies provides under IPI usually vary with the insurer. Some insurers provide the policy holder with enough money to pay bills and other expenses adequately. On the other hand, other insurers only provide a certain percentage of the total salary the policy holder was receiving. There are also several other factors that may affect the amount of money one may receive from the insurer.
IPI has three main types of cover. Own occupation is the first cover. This one applies to individuals who experience sickness or accident and are unable to work in their own occupation after recovery. Suited occupation forms the second cover and it deals with individuals incapable to perform the work they had before or the same work for which they have qualifications and experience level.
People who are completely incapable of doing any job even after recovery from sickness or accident are covered by the third type of cover. The insurers are usually keen on people they compensate. This means that if a person does not choose a suitable policy, then they may end up with no compensation at all. Others decide to purchase multiple covers to ensure they are covered comprehensively. However, this option can be costly.
Mostly, the payable benefit to holders of a policy is pegged at a certain percentage of what they initially earned before the incident. In most cases this limit is placed at 70 percent. In other cases, high earners may even receive smaller percentages. The insurer pays even a smaller amount if the insurer has other benefits arising from other policies.
Payments are made on a regular basis. In most cases, they are made on a monthly basis, but weekly payments are also not uncommon. The insurer can also not cancel or refuse to renew the policy provide the policy holder continues to pay premiums as before.
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When you are looking for information about income protection Dublin residents can visit our web pages today. More details are available at http://www.bluewaterfp.ie/personal-finance/income-protection now.
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