Attain Inner and Outer Peace by Protecting Your Income
It’s very difficult to attain real peace, inner or outer, if you’re struggling financially. When your mind is focused exclusively on paying the bills, lasting peace can feel like a pipe dream, eternally out of reach.
If you’re well advanced on your spiritual journey through this life, it may be possible to master your emotions in times of financial turmoil, but for most of us, it’s just too hard. However, there’s no need to give up all hope of attaining lasting peace in this world: solutions exist for those prepared to seek them out.
Look around and you will find many tools that can be used to protect your finances and ensure a brighter future, no matter what external economic conditions you find yourself living in.
Today, we’re focusing on one of the more useful tools that you can employ in your quest for internal and external peace.
How to Purchase Income Protection Insurance
While policy details may differ from one country to the next, and from one insurer to the next, the way that income protection insurance is purchased should be similar to the process below, wherever you happen to be.
- Choose a Percentage of Your Income to Insure – When buying income protection, you usually get to choose the desired level of cover. Most insurers will cap the available cover for income protection insurance at 70% of each policyholder’s salary, but you don’t have to choose the maximum amount.
- Read the Terms & Conditions Thoroughly – Make sure you’re acquainted with the fine print before buying an income protection policy, to avoid future disappointment. Pay particular attention to exclusions, waiting times and future insurability guarantees (if relevant).
- Provide Full Details of Your Current Employment Status – It’s important to ensure accuracy when providing details of your employment status. Any errors could result in your policy being cancelled in the future, resulting in the loss of all benefits.
- Consider All Options Carefully – In addition to the total amount of cover (expressed as a percentage of the policyholder’s salary), many insurers offer additional choices to those purchasing income protection insurance, including length of cover, waiting time before payments begin and cover for partial inability to work. Consider these carefully, in the context of your needs.
- Request a Quotation – Once you’ve chosen the optimal level of cover for your income protection insurance and decided which optional extras, if any, you would like to include in your policy, you can request a quotation. We recommend sourcing at least 3 individual quotations for comparison purposes.
Having completed the above steps, you’ll be ready to move on to the final stage: signing on the dotted line.
Looking to the Future: Ensuring That You Always Have Adequate Protection
It’s a good idea to review all insurance policies annually to ensure you remain adequately covered. Additionally, we suggest reviewing your insurance arrangements whenever you experience a major change in your circumstances. This way, you’ll always be protected and able to enjoy lasting peace.
