Being incapacitated can mean different things in terms of insurance, especially income insurance. For example there is own-occupation incapacity which means that a person is no longer capable of performing their own job, which they have been trained to do. Then of course, we have the more obvious forms of incapacity such as illness or injury which we have no control over and could seriously hamper us from earning our living.
These day’s we have insurance for just about everything we could think of, including everything from our homes to our pets and even our mobile phones. But what about our actual income? What about the money we need to earn to pay for all of these policies and protections? Well, Sears recently introduced a new income insurance policy called the Income Protection Plan. The idea behind it is quite simple: if we can no longer work due to ill health or for any other reason, then this policy will provide the money we need to keep the bills paid and groceries in our fridges.
How the Sears Income Insurance Protection Plan Can Help
Better still, if you choose the long term plan the insurer can not cancel the policy while you continue to pay for it, which means you can keep it going long after you have gone back to work or even retired.
There is also a short term income insurance plan which is probably the most convenient for the average person, since it does pay out much quicker. The downside to the short term option is that it normally only lasts for 1 to 2 years before it expires. However to counteract that, there is good news. Most policies based on your health do not consider mental illness, but with the income protection plan you are also covered for that, but you or your care-giver will obviously have to provide proof of such illness.
Although the Sears income income insurance protection plan is probably the most popular at the time of writing this, there are others springing up from different providers, and it may become difficult to find the correct policy as each insurer will most likely tweak the finer details to suit their own needs. So, if you do choose to go for this plan then make sure you research thoroughly and read the small print. That way if you are unfortunate enough to lose your job either through being made redundant or illness, then you have the right cover until you can get back into the work place again.
The premium you can expect to pay for the income protection plan will vary from one company to another. As stated, Sears is the most popular choice at the moment with a low rate premium, but always keep an eye on the finer details regardless of who you choose to go with. It is not uncommon for some companies to raise the premium if you have to fall back on the policy and use it even for a short period of time.
The income insurance protection plan makes good sense if you want to make sure both you and your family are covered for those times when you may be unable to work. Learn about the Sears Financial Personal Income Protection Plan and how it can help you.