Last Updated on April 15, 2021
In other words, this insurance financially covers you, personally, in cases where you can’t earn an income for some reason. So, in your opinion, is income protection insurance worth it? Don’t know yet? Keep reading!
2. What Does Income Protection Insurance Cover?
Now you know what income protection insurance is, but when does it become worth it? Think of an unfortunate scenario: you suddenly get seriously ill and need various medical procedures to recover. Your health insurance is paying your doctor and hospital bills. Sounds good, right? However, does your daily life, for a long or short period, consist of nothing other than the doctor and drug bills? No, you pay for other things such as groceries, goods, phone and internet bills, gas, cable, rent, mortgage.. Etc. If your illness makes you unable to work, how would you pay for those? That’s when you need income protection insurance!
