A lot of people are having second thoughts of getting an IPI also known as Income Protection Insurance simply because the payment would only add up to the products and services that they need to pay every month such as water, electricity, mortgage, taxes, gas, and even food. These utility bills are only some of the obligations that a lot of people have to tend to and signing up with an IPI could really cost a lot of money. People who are not facing financial turmoil will never understand why it is important to safeguard their income. Read on and you will be walked through the different benefits of having an IPI.
One thing that this program can help you with is secure your lifestyle. The IPI commonly covers up to 75% of your insured income. This means that if an unfortunate event were to fall upon you such as severe illness, serious injury, or any reason that could prevent you from working, then you can still maintain your current lifestyle without any problems. If you are sick or just had a serious accident, the last thing that you want to worry about is how to pay all your utility bills. This program can certainly help you get through the hard times. It can help smooth things up a bit while you are not fit to work. You can secure your most important asset which is your income, if you sign up with this program.
This program is also intended to save all your assets and safeguard your existing savings and investments. How long do you think your assets can last if you are not fit to work? Mortgage, electricity, water, telephone, and gas are only some of the things that you need to pay every month and without work, you will be forced to sell some of your properties, lose your investments, and you'll eventually need to file bankruptcy. If you have no regular income, then you will be forced to sell all your assets which took you years to acquire. This is the reason why it is important for you to get an Income Protection Insurance to prevent getting into such scary situations.
The thought that a lot of people are getting into financial turmoil is scary and it's not far-off from the fact that you could also become one of them. If you want to secure your income and maintain your lifestyle, then get a superannuation advice from a professional adviser.