Being aware of certain factors before investing in income insurance

1
EVERYTHING YOU NEED TO KNOW ABOUT
INCOME INSURANCE
Income insurance provides protection against loss
of income that may occur due to unemployment for
reasons such as being fired, laid off etc. There
are a few factors that should be considered when
investing in income insurance. Some of these
factors are mentioned below
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2
TOTAL INCOME
Before getting income insurance an individual
will need to declare their total income. This
will include an individuals basic salary plus
any allowances and benefits provided by their
employers. Individuals will also need to disclose
any income generated from their hobbies or
extracurricular activities.
3
DEFERRED PERIOD
When an income insurance policy holder loses
their income they have to apply for payments from
the insurance provider. There will be a gap
between this application and the receipt of the
first payment. This gap is called the deferred
period. Policies that have a longer deferred
period have lower premiums and vice versa.
4
BENEFIT PERIOD
The amount of time the insurance holder will get
payments for is known as the benefit period. The
benefit period can be anywhere between 2 to 5
years. Cover can be provided to people up to the
age of 65.
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