Income Insurance and Home Business
Income Insurance Is it Worthwhile?
Many years ago I had a davidwaters.site/aboutand now to clarify reasons
Why do people get income insurance and the pros and cons
Why do people do and don’t have Personal income insurance? It makes a big difference to your income if you need it and what to do if you don’t. What you have no job, retired or still looking?
In 1990 the story of an accident with total memory loss and spinal injuries. Makes people think. How would you cope?
Most people would have trouble to find $1,000 if there was an emergency. It really makes you wonder what your current emergency fund is like. How much could you find if you have a major failure? You know car breakdown, Fridge or Washing machine failure etc. How would you cope?
Just having Personal Income insurance is a big choice to take, especially if you have no problems over the years. Then if something stopped you working for 6 months, 1 year or long what is your plan?
Most people don’t plan for something going wrong, yet having a house, car insurance isn’t even a question you just do it.
Let’s look at some of the pros and cons of Personal Life Insurance and you will be left with something to think about.
Should we have personal income insurance or not?
The pros of income insurance include
- The mortgage/rent payments are made
- Keeping on top of credit debt
- Quality of life will be similar
- This allows you to ensure recovery is your focus
- Workers comp might be a problem as it might not cover your injury etc
- Possible tax benefits
- The more than common – It will never happen to me?
- In the USA about 2,700 people are killed in car accidents, 76,800 approx are injured daily Source
- In Australia 1,296 road deaths, unable to find injuries due to car accidents
Statistically, it will happen to a lot of people, today, tomorrow, next year and in the future. People are dealing with injuries and death daily.
- Generally, not all injuries have a cover
- Most claims are good for between 1 and 2 years maximum for an injury
- Redundancy is usually a maximum of 3 months
- If you don’t claim for many years, you could be greatly out of pocket
- There are waiting periods of 30 – 60 days
- Once you turn 65 generally your insurance expires or retires
- Your income is a percentage of your income
Note the details above are varied between companies and you should read the Terms and Conditions (T&C’s) before making your decision.
What if you don’t have Personal Income Insurance?
Generally you are on our own, you may have savings to fall back on, there maybe a company insurance if it covers the accident, and finally, you have friends, family or some form of government payments.
Income insurance is similar to a car, hospital, house insurance, The difference is you are looking at your income. The source of living day to day.
The costs vary and can be expensive while paying but, pay off when injured.
The limitations you really need to read and note the Terms and Conditions,
The final call is yours
When you look at your income it is generally a fixed amount and in this day and age Personal income insurance is another burden when you are not been injured or the need for a payout.
After all, you would like the average person to have an income
- Utilities (Water, Electricity, Gas etc)
- Day to day Commuter costs
- Repairs and maintenance
All insurances are a form of Russian Roulette and do you or do you not? Each day you are clicking the trigger.
What other ways could you cover the costs of an injury or sickness?
What insurances are could not be included
- Recreational injuries
- Insurance exclusions
- Diabetes or other aging problems
- Been on a transplant list
- Silly mistakes
Not working, Looking for your first job or retired and have a debt? At the mercy of your savings, retirement funds etc.
Imagine you are paying the Income insurance for 10 years, you are made redundant and 3 months, you still haven’t found a job. Then they say you reach your income protection pay out.
When your injury is serious,
And off work for 2 years and you have another 6 months plus to recover, You get a call from your provider and advised you are now not covered.
There are many questions and the final decision is yours.
Just think are you able to live on 75% of your income.
When you have no job, retired or still looking for a young person. What are your options?
This is a very good option to look at which is working for many people
Would This Be Better?
Now, this is off putting to many people yet, many people do this and have personal income insurance.
Imagine if you could for a minute, Spend maybe a couple of hours of a night or every other night creating an income stream which would cover any costs or income short fall.
Of course, it is not for everyone and not everyone would know how to do it.
It’s not for those people who think of making a quick dollar or its a push button idea.
This is for people who are looking at a long term, income stream. No matter your age this is what many people around the world are doing.
Check it out its free to review? so have a look and see how we will train you to start a new income >> New Home Business Offer
Then like many people working at home having Personal Income Insurance is cheap to have.
Please leave a comment on your thoughts
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