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Comparing Income Insurance and Accident Insurance With Your Lifestyle

April 09, 2012 | Comments: 0 | Views: 239

Sickness and accident insurance has been available for ages. It still is but today has a new combined name - income protection insurance. The overall name has changed but the fundamentals have not.

Put simply, income protection offers you an income should you become ill or injured and thus unable to work. You can obtain a policy which covers you for either or both of the two health related factors - sickness or injury. Today many people opt for accident cover only believing if they do need income protection, an accident will be the more likely cause of their being off work.And for those people, some things never change and in these cases, the name accident insurance is still used today.

In the past, income protection policies were fairly basic. You would receive a certain amount for a fixed period of time. Clients had fewer options than today. Now there are several time periods you can nominate. You can choose the period of time in which you receive an income which is usually 75% of your income once your accident or illness has prevented you from working. Obviously premiums match the benefit period. There are waiting periods in most policies and all this information is fully disclosed in the documentation describing the cover.

But income protection insurance does have a number of alternatives. The main questions to consider are:

• What is the waiting period before your income kicks in? • How long will you receive the benefit? • What are the features you should include in the policy?

Answer the above three questions successfully and you have created the best possible policy.

Another aspect of today's insurance is the flexibility available in creating the policy. While there are standard policies each offering a certain conditions, if you wish to have a policy tailored to your needs, most insurers are happy to discuss your situation and create a policy which works to best suit the client.

Some of the changes in today's income protection policies are the various extras now available. The basic cover sees the insured receiving the agreed sum for the agreed period. But you can insure for extra benefits such as extra income for the needs of a child or children, extra income if your condition confines you to bed or if your condition is deemed critical or highly serious.

Because there are changes in society today, e.g. life expectancy is greater now than one or two generations ago, insurance policies need to adjust to cater for such changes. Employment is more contract-based and people change jobs more often today. These factors are important and should be considered when preparing an income protection insurance policy.

To compare life insurance quotes, you will need to gather all your facts into one easy to follow table structure, allow to do that for you.

Source: EzineArticles
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