When things get worse you try to hide your self and sulk behind pillars as you don't feel like facing people. This is quite common as they don't want others to know about their situation. But for how long can you continue like this, it becomes difficult to lead a normal life. You are suddenly ripped off your monthly earnings and you have no source to rely on for your monthly expenses.
In order to safe guard your monthly earnings, you need to approach a financial expert who is well versed in the field of insurance. You must learn how to protect your self in times of an untoward incident. You may not be proficient enough to analyze the policies available in the market and might want to take a sound advisor's help.
See if your policy offers you maximum coverage. A policy is said to be a comprehensive one when it offers you most of the coverage. You get maximum benefits out of minimum expenses.Make sure your premiums are low and find out tips on how to attain a lower premium policy. Income protection policy will safe guard your monthly earnings so that you stay care free when you are out of job. Your company with whom you hold a policy will pay you a portion of your earnings so that your life can be led with out any hassles!
You must be covered for a disability policy so that when you are out of work due t a disability you can still make your monthly dues, be it credit card payment, loan dues, medical bills etc. You'll need adequate life insurance to help your family, in your absence, pay the mortgage, higher education costs and other expenses too. It will also cover enormous costs of a lengthy nursing home stay or visits from home health care professionals.
Insurance company will pay you the EMI on your mortgage. If you are unable to pay back due to your accident, sickness, redundancy and are out of job, your policy will help you out. Find a breather with such policies as they will fish you out of a financial quagmire.
-Cover is guaranteed to continue until retirement, even if you have multiple claims
-You can claim tax relief at your marginal rate on premiums paid
-An optional benefit is indexation of premium and benefit amount
This way you protect your monthly earnings and make the best use of the tax exemption that you get on insurance policies too!
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