Income protection insurance

What is Income protection insurance?

An income protection plan is a vital constituent of any freelance contractor’s safe future. The nature of working of freelance contractors makes them ineligible for company pension or superannuation schemes, which are common among regular employees. Income protection ensures that no freelance contractor, who have opted for a income protection insurance policy, are devoid of a regular source of income once they have crossed their retirement age.

You can customize your income protection insurance to seek cover against a lot of conditions. A terminal illness benefit grants protection in case you have a terminal disease. You can get the claim in lump sum or even in installments. A death benefit is offered in the event of the insurers’ death within 12 months of the date of claim. Rehabilitation benefits are for those insured who have been rendered physically and mentally incapable to work. Based on your specific requirements and what sort of cover you are looking for, you need to check out various types of income protection plans being offered by various insurance companies and then help them customize one for you that suits you best.