Protection Insurance Policy
Nobody expects to experience an interruption in their income flow suddenly, due to an unfortunate accident or illness. However, this is something unavoidable. An Income Protection Insurance (IPI) covers a substantial percentage of the gross income so that there is no difficulty in meeting the day-to-day expenses during such a period.
Key Points to Know for an Interpreter About an Ipi Policy
Interpreters convey thoughts and ideas expressed in one language by an individual into another language. These are mostly individual contractors. This makes them ineligible to get any benefit from their employer in case of any illness. Hence, it is best to get familiar with the three key points of an IPI policy. These are as follows:
• It takes 30 days to get the first monthly income under an IPI policy claim
• After a claim, there is a provision to choose a “deferral period” of one month to two years
• Tax-free monthly income is paid until the policyholder gets back to his or her work
Pre-conditions to Claim for an Ipi Policy by an Interpreter
Some of the pre-conditions to be fulfilled by an interpreter so that their claim for an IPI policy is not rejected straightaway are as follows:
• To not have any pre-existing medical conditions as some diseases are not covered under the policy. In such a case, an interpreter needs to find an insurer who can have the policy to cover the same.
• To not have a dangerous lifestyle, for example, heavy smoking, drugs intake, etc. or a hobby that can be life-threatening.
• To disclose the medical history of self and family members in detail.
Reason for Interpreters Getting an Ipi Policy
There are a plethora of reasons for interpreters to choose an income protection insurance policy. Of these, the foremost is that most of the interpreters are not entitled to get statutory sick pay which is paid by an employer in case of sick leave. Secondly, since the job of an interpreter is not at all risky, he or she is likely to pay less for the insurance cover, and last but not least is that it is always better to get an IPI policy as claims can be made multiple times.