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Now, more than ever, we need our jobs and we have to do our best to secure them. Our income serves as the economic lifeline so that we can enjoy the worldly benefits and make sure that we can live an enjoyable life. In some countries, particularly in Ireland and the UK, those who have succumbed to sickness or a certain form of handicap can gain support and protection if they have a form of insurance. This is a kind of insurance wherein policy holders who were incapacitated to work can take advantage of the benefits that the insurance will provide them. This kind of insurance was once considered a permanent form of health insurance. Categories: When talking about income protection insurance. We need to understand the concept of incapacity. This can be divided into different categories. One is the lack of functionality to do their own jobs. The next one is the incapacity to do jobs that are actually suited for their skill level. The next one is the lack of capacity to do any job and lastly, the incapacity to do even simple, daily tasks. Normally, the benefits are around 60% to 70% of the gross income of the policy holder but it is actually dependent on the rate of income also. The validity of this kind of insurance is strictly to those who are permanent residents of the UK and Ireland. Benefits: The income protection insurance is very helpful for a person so that he could be able to survive and get the necessary financial help needed to secure the health, do special treatments, pay rent and sustain general living conditions. The benefits will be payable from the start of incapacity and could go further until the person recovers and is capable of working again, retirement, end of contract or death. These are tax free and will be given in a particular schedule, be it weekly or monthly. While the person pays the premiums, the company issuing the policy cannot in any way cancel or refuse the renewal. Restrictions: One has to understand that the income protection insurance is not applicable or will not be paid out to the policy holder unless the reason for unemployment is health related like sickness and disability. It is important to not also that those who succumbed to self harm like drug or alcohol abuse as well as pregnancy or wars are not covered by the policy. It is necessary that you ask the insurance provider or an expert insurance agent about the benefits and restrictions regarding the said insurance coverage. It is also necessary to be consistent with your payment of premiums. Nonetheless, it would be best to keep one's health secure and safe. Shourya Ray Chaudhuri, Ezine Articles Expert Author.For more information: Income Protection Insurance
Get more information: Payment Protection
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