Expat means a person who is living temporarily or permanent in a country which is other than his childhood country. And almost all the expat or emigrant families are depended on only one person earning from the family. As you all know that cost of leaving in Singapore is very high. And for expat family it is little difficult to manage all the needs like school fees, rent, insurance, daily leaving expenses and some time unexpected expenses. You should always be ready for any situation, you need to think when things are going well like will you able to manage if suddenly your income stops or if your are unable to work because of accident or long illness. From where would the monthly income will come, being prepared before and managing your income by income protection insurance will help you to go through any tough situation.
Income protection plan is important to the people who are self employed or run a small business as they will not be having any medical benefits which generally is provided to the employees from the organization were they work. The other reason why you would need this insurance is when you have debts and you’re the only earner at home. The income protection plan will give you an option of choosing the period of getting the pay outs an only in case when you are unable to work. Income protection plan does not cover for involuntary unemployment. Most of the income protection policies come with a condition that you cannot avail the payouts until some period of time. So when you are taking such plan you need to get complete information before signing the document.
Understand the quality
The entire income protection plan come with a definition for partial incapacity. The partial incapacity means that the person is not able to earn the complete income. There are one tier definition and three tier definition. The one tier definition is where a small basic amount of income is insured in this case the person can claim the insurance if he is unable to perform complete earning due to some injury or sickness. The second one is the three tire definition where the person has kept high amount for protection insurance. In this case the person can claim the insurance by completing three tests that is either he is injured or sick, unable to work complete hours or the third test is if your income has dropped. This is just an example to explain you but the protection insurance is very vast and consists of many clauses and tests.
Taking income protection plan will provide so much of peace to you and your family. It you’re interested to get detailed information then you can call or just drop your details in the website they will reach out to you.