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========================================================



Title:

Income Protection

Author:

Michael Colucci

URL:

http://www.articledigger.com/article/Income-Protection-00001700.aspx

Email:

support@...

Easy Publish:

http://www.articledigger.com/ezine/Income-Protection-00001700.aspx



==================== ARTICLE START =====================



Income Protection

By Michael Colucci



A number of recent studies have shown that disability is an issue that

everyone should be concerned with, even people who are young. Statistics

show that you have a much greater chance of becoming disabled while you

are working compared to dying before the age of 65. Even if you are

making a high income, everything can change over night if you are

injured. Becoming disabled is one of the leading causes of bankruptcies

and foreclosures. To avoid this, it is important to make sure your

income is protected.



When you talk to most people in the financial industry, they are quick

to tell you about the importance of asset protection. They will scare

you with the horror stories of people being sued while they are nearing

retirement, and losing everything they've worked their entire lives to

build. However, few of them will tell you about the importance of

protecting your income. Income protection is just as important as asset

protection. If you are interested in income protection, the first thing

you will need to do is compare the various protection plans that are

available on the market.



Anyone who works a minimum of 20 hours per week should be able to set up

an income protection plan. The goal of these plans are to protect you in

the event that you are not physically able to generate an income for you

and your family. In addition to physical handicaps, the income

protection plan should also cover mental disorders as well. Many income

protection plans will look at your case based on your occupation If you

are injured in a way that keeps you from being able to carry out the

necessary tasks for your occupation, you will be given benefits.



It is also important for you to look for an income protection plan that

will not limit your benefits if you decide to switch to a new

occupation. The situation that can result from you not having income

protection is severe. There have been stories of doctors getting into

accidents, and they were not able to go back to work for months. The

time that these doctors spent away from work nearly caused them to lose

everything they had. It is also important to understand how the term

"own occupation" is used when talking about becoming disabled. This term

will demonstrate when you are allowed to start getting benefits.



Many income protection plans exclude mental disorders or problems that

are related to the nervous system. It would be wise for you to avoid

using such plans. It is essential for you to make sure you're protected

from any type of disability, whether it is physical or mental. A good

company should be able to cover both. You should also get a plan that

can assist you in the event that you are able to come back to work part

time. Income protection is an important issue that you will want to look

at. We live in an uncertain tomorrow, and there is no guarantee that you

won't get into a situation where you are unable to make a living for

yourself. Income protection can shield you against this event.



Article Source: http://www.articledigger.com



About The Author



Michael Colucci is a writer on Income Protection

<http://www.income-protection.knowledgesearch.net/>  which is part of

the Knowledge Search <http://www.knowledgesearch.net/>  network.



==================== ARTICLE END =======================



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