What to Look for in Income Protection Policies

People get sick or hurt and doctors are not exempted from that. In fact, some of the injuries and diseases encountered by medical professionals while in the field can be severe enough to keep them from being able to work. Therefore, if you’re a doctor and you fall ill, you’re sure to lose a significant amount of income – unless you have income protection insurance.

Income protection policies are a good way to assure working professionals that they’ll have a steady flow of monthly income even if they are incapacitated or suffering from a long-term injury or sickness. Unlike typical insurance plans though, the payment is based on a person’s current income. The main task of an individual would be to select the best policy. Here are a few things to check to make sure you’re getting the best deal out there:

  • A good policy for a doctor would be able to give you a choice between guaranteed and reviewable premiums. This lets you have a choice to have your premium rates changed depending on the situation.
  • An automatic waiver of premium, which means the premiums still get paid even when you’re unable to pay for any reason.
  • An ideal income protection plan has benefit flexibility, wherein you can lower or raise the benefits you get throughout the course of the policy.

Income protection helps soften the financial blow of any future injuries or diseases. Assure yourself that you are protected by taking one out for yourself.

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