In today’s world where money is such an essential thing in our life, it is important to keep up with our financial status in order to not be left behind. With the economy in Malaysia experiencing a downturn today since the outbreak of the Covid-19 pandemic, many people are struggling with their financial income to comfortably support their living lifestyles. The impact of the financial crisis is bigger when you think about the emergency situation that might occur in the future that will cost you a large sum of money to pay for your debt and bills.
Even If we live alone ourselves, losing jobs due to illness, unexpected situations or an accident would be a complete struggle for us to pay our living and critical expenses. Even more so for people who have family members to support, especially the head of the family. Losing a job is indeed a nightmare that would lead to a serious financial crisis.
What would happen to your family members after that? Who would be responsible for your massive debt, bills, and living expenses? That is why it is important for you to sign up for income protection insurance to give yourself peace of mind without worrying about your financial status.
What is Income Protection Plan?
Have you ever thought of the consequences that you are going to face when you are no longer able to work and lose your source of income due to a major illness? This is where an income protection plan comes into the light. The question is, what is an income protection plan?
Well, If you are unable to work due to illness or disability, income protection insurance will help and pay you a financial income until you are able to find other employment alternatives or retire. As long as you can concentrate on getting healthier and better, an income protection plan can help with the bills. Some people also called it permanent health insurance as it is another name for income protection insurance.
Why Do You Need One?
As previously mentioned, if you are unable to work due to a major illness or accident that is severe enough to prevent you from working in the future, income protection insurance can pay you up to 70% of your monthly salary. The amount of coverage you are eligible for may have monthly limits, and it often depends on your line of work.
Income protection may not seem necessary if you are still employed, young, and healthy. Nobody is able to guarantee the future. However, with the right plan, you can prepare for it, giving you some degree of influence over the future. Indeed, no one wants to think about how a sudden illness or accident can affect their life. No matter what age you are in, or what pay range your income is in, the situation is never impossible. Job security is no longer assured, especially in light of the high unemployment rate brought on by the strike of the Covid-19 pandemic.
In conclusion, if you are worried about how you will be able to pay your bills if you have to stop working for any reason relating to your health, you might want to sign up and invest in an income protection insurance policy Malaysia. It may be the most expensive choice for you, but it is also the most beneficial plan for your future.