Many people buy insurance for them and for the family member and most of them only buy the car insurance, home insurance, health insurance, life insurance or other types of insurance. But they forget to insurance their income source. The Income Protection Insurance was something that people need to add to their insurance plan. This insurance will give the protection when people are unable to get o work for some time and will replace their income for every month that can range about 20% to 90% of the standard income.
What is actually the Income Protection Insurance coverage that can protect people and make it important to have? The policies will give the payment for up to 90% for the standard income each month, several coverage options between accident, illness or the combination between, fixed premium offer, tax deductible premiums, and an easy application process. That was the most common offer from the provider although there is always the possibility of the additional coverage that people can have with additional cost of course.
Surely before people make the application to the Income Protection policies, there are several procedures that need to complete. People can make the application and choose between several options of coverage that suit with their budget. The common procedure that people need to finish is to provide the health record. There is always the possibility that people application on this insurance will be declined depending on the medical history or maybe it will make the premium rates was higher than the common people. That means that people who have bad medical records or have higher chance to get ill for their habits (such as smoking) can end up with higher rates. When people can provide the information they require, they can finish the whole procedure and get their policies.