Since workplace injuries are often unexpected and happen suddenly, it’s important to be prepared for any accidents before they happen. Income protection insurance can be the significant difference between financial security and financial ruin after a work-related accident. Income protection insurance can cover up to 75% of your taxable income for the time that you are out of work due to an injury.
Your disability benefits may differ depending on your policy, whether you have a short-term disability or a long-term disability. If you’re the sole income earner for your household, income protection is critical. Even if you don’t have any dependents besides yourself, you will still need an income to cover medical expenses along with your regular bills.
It’s essential to compare disability insurance policies before choosing the appropriate one to ensure that you get the best benefit amount with standard deductions and premiums. Some factors that determine your disability insurance coverage depend on your occupation, age, lifestyle, income, and health.
You’ll also need to choose between weekly and monthly benefits for your disability income insurance. There are also long-term disability insurance policies that are useful if you become permanently disabled and need long-term income protection. Finding the right insurance company with the best disability benefits and affordable premiums is essential. Having low monthly premiums means that your wallet won’t be hurting in the meantime and gives you the peace of mind that you’ll be able to cover any future expenses following an accident with your disability insurance.
Knowing the risk factors of your occupation is also beneficial for choosing medical insurance and income protection insurance. If you work in a low-risk field, you won’t want to overpay on premiums for a policy with more coverage than you need. If you work in a high-risk atmosphere, it may be worth paying higher premiums if it means more coverage and smaller deductibles when you make a claim. For reference, here are some common work-related injuries and the fields in which they are likely to occur.