life insurance in usa Do you need income protection insurance?

life insurance in usa Do you need income protection insurance?

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life insurance in USA - do you have income protection insurance or are you thinking about buying it if so there are some important changes coming on April 1 which you should know about in this video we'll explain how income protection works the upcoming changes and how to find a policy that fits so life insurance in USA -

 you can make an informed decision well before the deadline so first things first what is it basically income protection insurance is a financial safety net if you ever become too sick or injured to work it's designed to kick in when your regular income is suddenly cut off paying you a percentage of what you typically earn so you don't fall behind on your bills right now there are two types of income protection agreed value and indemnity value agreed value is generally the more expensive of the two because when you buy an agreed value policy you decide there and then life insurance in USA -

life insurance in USA -
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 life insurance in USA - how much you'll get from an insurance company if you have to make a claim with indemnity value you don't have that choice instead if you have to make a claim the insurance company will look at how much you've earned over the past 12 months and give you a percentage of that amount so what's changing on April 1st the insurance industry is losing money on green value policies so from April 1st they'll no longer be selling them this means you'll only be able to get an indemnity value policy after that date however if you've already got an agreed value policy all you buy one before 

the April deadline you will be allowed to keep it so what does this mean for you well-agreed value policies are great for people who don't always have a consistent income so that self-employed people small business owners mums and dads taking parental leave anyone with a commission-based wage and anyone who's planning on taking a pay cut to retrain or maybe move into a different line of work take Tom, for example, Tom runs his own plumbing business and regularly earns a hundred thousand dollars every year he buys an income protection policy after April 1 which promises

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life insurance in USA - to pay out 75 percent of his income if he ever has to claim two years later Tom is diagnosed with cancer and can't work for six months he turns to his insurer for help unfortunately business has been unusually slow for a time in the last year and he's only earned $80,000 Tom's insurance company bases its payout on this figure rather than a hundred thousand he was earning when he bought the policy time and bodies income protection before April 1st he would have had the option to buy an agreed value policy if he'd done this Tom's payments would still be worth 75% of his $100,000 

life insurance in USA - income even though his earnings over the past 12 months have been less than they usually are over a year that's a potential payout difference of 60,000 versus 75,000 people like Tom aren't the only ones who may be impacted Sarah is a new mum and she's just returned from parental leave three months ago she also has indemnity value income protection rather than a great value if Sarah is suddenly unable to work so she gets into a car accident her insurance company will only give her a percentage of her earnings over the last 12 months because she was maternity leave it'll be significantly less than her usual income well the changes could be bad for people like 

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life insurance in USA - Tom and Sarah, they won't impact everyone however there are more changes coming next year which could affect your coverage again it's just another reason to consider buying income protection insurance now you've got nothing to lose by doing so but you could be worse off if you wait to remember that the first major change is around the corner after April 1st this year you won't be able to get an agreed value income protection policy anymore and remember that these agreed value policies can only be bought by speaking to a life insurance advisor so if you're one of those people life insurance in USA -

who does have a fluctuating wage you should probably look into comparing providers sooner rather than later had to find it to compare policies and learn more about these changes the links below so drop us a comment or if you have any questions let us know and we'll be happy to answer them life insurance in USA -

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