As a women, you could benefit from income insurance if you are earning an income and have living expenses that have to be paid every month.
We all have responsibilities, whether to pay the bond, and municipal bills, education costs for our children and an unavoidable grocery bill every month. What would we do to cover those costs if, due to unforeseen circumstances, we became too injured or ill to work?
Income insurance ensures that a woman has the means to continue to pay her bills in the event that she is unable to work.
What is covered by income insurance?
Income insurance usually covers a percentage of your monthly income and the amount depends on factors such as age, job type - such as builder versus office worker - whether or not you smoke, your current health and pre-existing conditions and how long you would be able to wait before receiving your first income insurance payment.
Things to look out in income insurance
There are certain things that you should make sure you are aware of when taking out income insurance. Some key questions to ask include what is covered and what is not covered, how much will be paid out and for how long, and how much your premiums will cost.
It is important to get an income insurance policy that increases with inflation so that you are not caught out 10 years down the line. Consider taking out a non-cancellable income insurance policy, as some companies may increase your premiums as you get older if you have to renew.
Make sure you are aware of the period you have to wait before receiving payment, as well as how long you will be paid out for, and lastly make sure you read the fine print. Some income insurance policies pay if you are unable to do your job, others only pay if you are unable to do ANY job that you are qualified to do.
