Income Replacement Insurance

What is Income replacement Insurance?
Should you become disabled in case of accident or sickness, you would receive a monthly benefit so that you can meet your financial obligations and maintain your standard of living. You can choose the amount and term of your coverage based on your needs and your budget.

• The goal of this type of coverage is to compensate for the insured person’s loss of income.
• There is expenses based disability insurances also available specifically designed to cover the monthly expenses of running a family, for instance rent or mortgage payment. The amounts paid under this plan are lower and are not tied to the insured person’s salary. A variation of this coverage is aimed at self-employed workers and covers certain business costs associated with running a company
• Benefits may be paid for a set number of years, e.g., 2 or 5 years, or until the insured person reaches a set age, e.g., 50, 55, 65 or 70.
• Some polices have return of premium at age 65 if you don’t claim during the entire years of coverage.

How much will it cost to start it?

• There are many kinds income replacement insurance and each will cost differently depend on the amount of coverage/ period of benefit/ age/ occupation/ and other factors.
• You can start coverage as low as 32.53 per month for 1600/month benefit.