Being an alternative to the classic health insurance, the income protection comes with all sorts of new benefits. This type of policy has become extremely popular among people who are subjected to certain career risks or freelancers, such as renovation and remodelling contractors. If you are working as a freelance contractor yourself, you are the one in charge of your income protection in case you suffer from an accident, so looking for a viable solution will be necessary. What is income protection and what can it do for you? Read the following benefits and find out:
Receiving up to 70 percent of your earnings
Regardless for how much time you might not be able to return to work, you can gain peace of mind knowing that an income will be received at the end of each month. IP policies can provide you with even 70 percent of your earnings during your rehabilitation period, and that is certainly more than you could ask for. Regardless if it is a month or a year, you will not have to worry about money, because a monthly salary will still be provided to you. This is the strongest advantage that the IP insurance brings, and what makes it such a wise option.
Rehabilitation expenses are covered
When being involved in a work accident, you will have to deal with not only the initial medical bills, but with rehabilitation expenses as well. These can quickly add up, and if you are struggling financially, dealing with a lot of stress can happen. Well, the income protection insurance covers all rehabilitation expenses necessary. Perhaps you will need to make certain modifications to your home or car in order to make them more convenient during your recovery period, or perhaps you will have to deal with other costs that can help you re-join the workforce quicker – all of these extra costs can be returned to you if you have been insured with income protection.
Travel and accommodation financial coverage
In some situations, when the injury is a complicated one, you might face the need of traveling abroad in order to be consulted by the right specialist. Well, if this situation presents itself, your income protection insurance will provide you with the financial coverage you need, and that includes travel and accommodation costs, for both you and the family member who might accompany you. Been reimbursed for these expenses is certainly an advantage worth considering, making this type of policy even more appealing.
Although income protection is beneficial regardless of the nature of your employment, when you are working as a contractor, this can become even more relevant. Once you understand everything that this type of insurance policy has to offer, you will certainly give more thought to this idea. The benefits stated above are only a few of the things that are included in this type of insurance, so if the topic has caught your interest, do not hesitate to contact an expert who can guide you and provide you with all the info you need.