As a teacher, your ability to perform your job depends almost entirely on your health. While there are programs that allow teachers to work from home, the majority of teaching jobs still involve in-person lessons. Here, we’ll take a look at what you need to know about income protection insurance.
Income Protection Insurance – The Basics
Income protection insurance is a type of insurance that covers workers if they should become ill or injured and are unable to perform their jobs. It is most popular in Australia, Ireland, New Zealand, South Africa and the United Kingdom, although it is available in other areas as well.
This type of insurance is often called IPI. It was formerly known as PHI (Permanent Health Insurance). Depending on individual policies, workers may define their inability to work in different ways. An inability to work in their current job or in their industry, inability to work at all and inability to perform routine personal-care tasks are generally regarded as the four levels of inability to work.
When Teachers May Need IPI
Your need for IPI will vary depending on your current job, education, and level of disability after an illness or accident. You may need to put in a claim after an illness that leaves you confined to bed during a recovery period. The same may be true after an accident. IPI may also be the best option if you become disabled to the point of needing assistance for everyday tasks. You may also qualify if you can’t work at your current or former job and can’t find another job in your industry.
Why Do You Need IPI?
In the event that you are incapacitated for a length of time and can’t work, IPI can be a lifeline. It typically pays up to 70% of your yearly salary, although extremely high salaries are sometimes capped. This assistance could mean that while you recover from an illness or injury, you won’t have to worry about paying your basic bills.
Whether or not you’ve ever actually experienced a debilitating illness or accident, it’s easy to see how this type of insurance helps. For most, it’s a huge weight off their shoulders, letting recipients rest easy in the knowledge that their financial lives will not fall apart in the event of an emergency.