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Income Protection Plan: Ensuring the Future of Your Family

Have you ever asked yourself, ‘who will look after the family in my absence?’ You would certainly ask about the same if you love your family and the interesting part is that you are the only one to ask this question. It is natural to think about the future of your family & loved ones when you will not be around. 

The absence of you and your income will surely affect the stability of your family and this is something very serious. Here comes the importance of income protection plan as it offers regular layouts to help your loved ones to maintain a decent lifestyle. 

What is Income Protection?
Income protection plan a form of infirmity or sickness insurance that sets a person free from financial worries when he/she no longer is able to earn the livelihood. Considering the kind of modern lifestyle people follow these days, opting for such plans have become extremely important. 

The idea is simple where a person needs to pay a monthly premium, based on his/her income, health, nature of the job, etc. After a period, when you find it difficult to work and to earn, you will certainly start receiving a regular income. The best thing is no restrictions are there on the types of injury, illness, disabilities as well as an accident that are covered. 

Benefits of Income Protection Plans

Availing income protection plan in South Africa or in any other location comes with a number of benefits on the part of the person opting for the same. Let’s have a brief look at some of the benefits. 
  • Increased benefits
Certain insurers offering the plan will allow increasing the benefit of income protection by 20% of the original amount even without showing evidence of their health statuses. 
  • Tax Relief
People choosing such plans are also entitled to claim tax relief on the premiums for the income protection plans at the best possible marginal rate of interest (maximum of 10% of the total salary)
  • Automatic Premium Protection
Often the premium of the customers are paid by the insurer on the behalf of the customer, given they have to be in receipt of a claim.
  • Hospital Bills
In most of the scenarios, the insurer paid the bills of the hospital if the patient spends more than a certain number of days in the hospital. 

Apart from the benefits, these plans are can be customized as per the circumstances of the individuals. 

Final Words
People often take bank loans or pay EMIs to fulfil the requirements of the family. Most of us do not want to leave our family in a distress in case of any unfortunate occurrence. This is the best time when people should opt for monthly income replacement plans. Of course, asking for life insurance quotes in South Africa or in any other location would also be very helpful. Ultimately, the aim is to make the future safe and secure. 

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