Statistics show that more and more people plan to keep on working and are not intending to retire even upon reaching their early 60’s. Some even are still quite active in their 70’s and would like to keep it that way. It helps, as well, that companies are currently more welcoming of this age group with the awareness that age discrimination is a thing of the past. It is therefore integral for these mature yet active people to secure an insurance policy that covers income protection for over 65 years of age.
To invest in an income protection insurance that would pay the bills when you are not capable of doing so is a prudent decision everyone, regardless of age should take into consideration. This will prevent the humiliation of having to beg from family and friends or to rely on charity.
Since illness or injury will not stop your mortgage and other payables from coming in, not being able to pay them will definitely get you into trouble. How do you think you will be able to manage to keep up with the payments? This is where income protection cover comes in.
Income Protection Insurance, other terms for which are Salary Continuance or Permanent Health Insurance, fills in for the income you lose due to your inability to work because of some illness, injury or disability. It is particularly recommended to those who own small businesses, are self-employed or company employees who do not have paid sick leave benefits and whose income is mainly dependent on their capability to work. It was developed and drafted as a way for you to receive income on a regular basis to help settle your obligations either until your retirement age or are able to get back to work.
Income protection policies generally cover for up to 75% of your gross income for a particular maximum period which may range from two years to up to your retirement. Insurers offering income protection policies can come up with their own definitions of injuries or disability as well as a range of benefits.
Typically, the maximum age of entry for income protection policies for most insurers is 59 or 60, but fortunately enough, there are some insurers who will allow you to take out an income protection cover even at higher ages. You may have a shorter list to select from though, as there are fewer companies offer insurance for over the age of 60.
At times and depending on the insurance company, your cover may expire not long after you turn 65.
There are many insurers and options available, but the choices begin to narrow as you get on in years. It would be of great assistance and advantage for you to find a dependable insurance broker to help you land an advanced age income protection cover that would give you benefits worthy of your investment.
Income Protection Cover bestows you a regular source of income in case you get injured or ill and not capable of working. This is a big aid in letting you concentrate all efforts into working on a speedy recovery and not bother about how to pay the bills.
Protecting the financial future of your family and loved ones is one of the most integral goals of being employed. Don’t allow your hard-earned savings to dwindle as you use them to pay for obligations when you are unable to work. Having a reputable and reliable financial adviser is key in ensuring that your savings and investments do not go to waste.