Income Protection Insurance, Your Ultimate Protection from Unemployment
With the current instability of the world’s economy, a lot of businesses are cutting their costs in whatever way they can. Many companies and businesses are resorting to cost-cutting measures that are not limited to just regulating expenses on office supplies or lowering travel allowances – some companies are letting employees go via retrenchments. If you are one of the people affected by this unfortunate circumstance, then it would greatly help if you had acquired income protection insurance. If you have salary protection insurance, also known as redundancy insurance, you will be able to pay for your basic needs while looking for another job.
There are other reasons why we might lose our regular salaries – aside from being retrenched or laid off from the companies we work for. Some of these situations include accidents, sickness, use of illegal substances and other misconduct on our part. These situations are unfortunate events that may render us unable to work, leading to us being unable to pay for our family’s basic needs.
Although losing our source of income is something that we all try to avoid, sometimes it is a reality that we must face. When we lose our jobs, it also means that we stop receiving our salaries. However, the need to pay bills, whether for housing, food, transport or any other bill you can think of does not stop. Hence, it’s always a good idea to plan ahead for every eventuality so that we will still receive an income that we can use to help us make ends meet.
By acquiring a salary protection policy, you will have some financial security that will help you pay for life’s basic necessities if you are made redundant and have to set about finding a stable job. With a salary protection policy, you will be able to receive a monthly sum based on a certain percentage of your salary. You can use this sum in whichever way you like. You can use the money to pay for your bills, loans, mortgage, expenses on your car and other properties, and even pay for your children’s school tuition. With a salary protection policy, you can ensure that no matter what happens to you, you will be able to provide for your family while you look for a stable source of income.
Due to many reasons that are beyond our control, sometimes we may lose our ability to earn regular salaries. These situations may be due to the current economic climate, which has caused several companies to adapt cost-cutting constraints that lead them to lay off workers. Other situations that cause us to be unable to work daily include disabilities due to accidents, sickness and other health-related issues and even family problems. Because we must all continue to live and pay for the basic necessities of life, having redundancy insurance will surely help us bridge the gap while looking for a job. To give yourself and your family the protection you need, consider getting income protection insurance now.
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