Every year, misfortunes happen to people that render them incapable of working. Since there are many accidents and diseases that can render one incapable of working, the best thing one can do is to select an insurance policy that protects them. Such a policy is income protection insurance (IPI) policy. This is a type of insurance policy that aims at providing protection to policy holders against an inability to work. When one needs Income Protection Dublin offers the perfect location to visit.
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.
A huge number of people can benefit from IPI, especially employees whose employers do not run sick pay program. The same goes for self-employed individuals since the policy can benefit them much as their jobs stop when they can no longer work. This implies that their source of income is also interrupted. If a person has to be away for long, then this can be a huge problem.
Policies under IPI differ from insurer to insurer. Some companies give their customers adequate money to cover their bills and other expenses. In contrast, some provide only a given percentage of what the policy holder was earning. Also, there are other many factors which are considered during determination of how much money the insurer will pay the insured.
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.
The third policy covers people who cannot do any work after recovering from an accident or sickness. Companies are very keen on who they pay money to. As such, if a person does not select the right policy, they may end up not being paid at all. Some people opt to buy multiple policies so that they are covered fully. That option may however be too expensive
In most cases, the benefit payable to a policy holder is limited to some percentage of what they used to earn before the accident. The limit is capped at 70 percent mostly. High earners may receive even a smaller percentage in some cases. If the policy holder has benefits from other policies, they may receive even a smaller payment from the insurer.
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.
A huge number of people can benefit from IPI, especially employees whose employers do not run sick pay program. The same goes for self-employed individuals since the policy can benefit them much as their jobs stop when they can no longer work. This implies that their source of income is also interrupted. If a person has to be away for long, then this can be a huge problem.
Policies under IPI differ from insurer to insurer. Some companies give their customers adequate money to cover their bills and other expenses. In contrast, some provide only a given percentage of what the policy holder was earning. Also, there are other many factors which are considered during determination of how much money the insurer will pay the insured.
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.
The third policy covers people who cannot do any work after recovering from an accident or sickness. Companies are very keen on who they pay money to. As such, if a person does not select the right policy, they may end up not being paid at all. Some people opt to buy multiple policies so that they are covered fully. That option may however be too expensive
In most cases, the benefit payable to a policy holder is limited to some percentage of what they used to earn before the accident. The limit is capped at 70 percent mostly. High earners may receive even a smaller percentage in some cases. If the policy holder has benefits from other policies, they may receive even a smaller payment from the insurer.
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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