Plan the Unplanned
As our lives are enclosed in a corporeal body that we all are carrying with us, nothing seems to be perennial. Everything is ephemeral as anything can happen to us at any juncture. Generally, in such a case, we tend to insure ourselves against any sort of unpredicted peril through the varied insurance policies available.
Need for an Insurance Cover
Though one must always predict only positive outcomes of a particular situation, still negativity cannot be completely defied. Thus, the aneed to go for insurance arises to warrant the lives of our dear ones due to the following reasons:
- Accident: Encountering an accident doesn’t always mean a full recovery. If worst be expected, it can come in the form of disability or even death. Both can be insured at a payment of certain premium amount by the insured.
- Critical Illness: Diagnosis of a disease can be as precarious and severe as cancer, Alzheimer’s disease, a major organ transplant, paralysis, and the like. All of these are insured conditioned to a minimum survival period which is generally 14 days from the date of such diagnosis.
Types of Illness Insurance
When a uniform flow of income is cramped due to an illness, such a loss may be insured through:
- Income Protection Cover: It is considered as a Health Insurance which indemnifies you for the whole life or until your retirement if you are unable to work ascribed to an illness or disability. The debt payment starts only after a few days or weeks.
- Payment Protection Insurance: We all secure our lives by insuring it. But is there any way that we can insure the repayment of the debt that we have obtained. You may rely on any of your close relatives or a best friend to help you reduce your onusbut for how long? Payment Protection Insurance gives you the ease of coverage against your credit/catalogue cards, personal loan payments, etc., if you are unemployed owing to the reasons of illness, covered by the policy terms.
- Mortgage Payment Protection Insurance: Similar to the Payment Protection Insurance, however, it covers only your mortgage-related payments.
Sometimes, an employer may provide you paid leaves in the event of an infirmity but that is also not sufficient as it may lower down one’s standard of living to a certain extent for the time being. Although it is not at all mandatory to go for insurance coverages, it is always advisable to shield the lives of those around you. If paying a regular chunk of your income as premium gives your loved ones a well-to-do life after you, it is worth going for. After all, it is for them only that you have been earning so hard all your life.
Author Box: Thomas Henderson reveals the candid secrets about buying insurance. Whether it is payment protection insurance or any other type related to your assets, each of them serves a great deal during the time of need.