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In these times of financial uncertainty, protecting income from illness, injury, or disability is a very smart and profitable strategy. Because you are unable to work while recovering from your illness or injury, income protection insurance ensures that you receive a stable income that is commensurate with what you earn.

What is income protection insurance?

Income insurance is an insurance policy that pays monthly tax-free benefits to policyholders who are unable to work due to illness, accident, or disability and are therefore unable to work. You can also check for the best Income protection insurance via https://www.affinityfinancial.co.uk/.

What is Income Insurance

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However, there is no actual list of events for which you can claim insurance. It's the only thing that stops you from working. It is considered one of the best types of insurance, especially for working professionals, as it gives policyholders the freedom to focus on their recovery rather than worrying about where the money is coming from to pay their daily bills like mortgages, groceries, or utility payments.

How much is covered by disability insurance?

As a rule, the maximum coverage for this insurance is usually up to 75% of your gross income. However, the amount of coverage is determined by the salary you choose to provide. 

Keep in mind that the purpose of this insurance is to guarantee you a steady stream of income during the period of temporary disability.

The duration of coverage depends on the length of the contract. This can be: during the entire period of incapacity to work and thus death as early as possible, recovery, retirement, or the term of the contract.

Income Protection Insurance: Factors That Affect Its Cost