As a woman, you might wonder what’s all the fuss about the Income Protection Insurance(IPI), especially since, everyone’s been asking you to buy one. Why you, then?
Here are the basics that you need to know to get you started.
#1 What is an IPI?
The IPI is a type of insurance policy that pays benefits to the policy takers who become incapacitated because of serious accidents or illnesses. In the advent of the aforementioned unfortunate events, an IPI will typically cover you for up to 75% of your regular earnings till the time you are recuperating or till the end of the agreed time period in your policy.
The Income Protection Insurance benefits will be remunerated on a regular basis during the time of your rehabilitation and the best part is that it is tax-free. There is also a lot of surety in this because the IPI provider cannot annul or say no to the policy renewal as long as you are continuing to pay the premium each month.
#2 When Should You Make an IPI claim?
So, when is the right time for hardworking women to make an IPI claim? By definition, if you are unable to carry out your job responsibilities and when you are under the care of a licensed physician due to illness or injury, you can claim.
Usually, you need to fill out a set of claim forms with your insurance provider along with the supporting documents requested by them. There will be a waiting period during which you will need to be debilitated to be eligible for the claim, and the waiting period may vary between 14 days and 2 years depending on your insurance type.
What? So you are still not sure why women should get Income Protection Insurance?
Some women are involved in a substantial amount of fieldwork travel. And any profession that has a considerable amount of travel will always have the risk of terrestrial and aerial vehicular accidents. But that’s not all. Even if you are at your prime fitness level, illnesses are unpredictable. It really wouldn’t hurt to be financially prepared, would it?! Think about it.