Why having Income Protection Insurance is a good idea

We all have to work. After all, jobs are very much in demand today, given the percentage of unemployed youth in the country. Some are self-...

We all have to work. After all, jobs are very much in demand today, given the percentage of unemployed youth in the country. Some are self-employed, having the freedom to do their work according to their convenience. But, what if, someone suffers such a fate that he/she becomes incapable of doing work, how would they sustain themselves?



That's where Income Protection Insurance comes into play. As Wikipedia describes, "Income Protection Insurance (IPI) is an insurance policy, available principally in Australia, Ireland, New Zealand, South Africa, and the United Kingdom, paying benefits to policyholders who are incapacitated and hence unable to work due to illness or accident". Before you get too excited, India doesn't figure in the list of all countries allowing Income Protection Insurance.


It certainly doesn't help to have a bankruptcy attorney who would claim a fortune for restoring your accumulated wealth of a lifetime. Neither would it be profitable to have yourself bear the brunt of your bankruptcy tolls.

Let's hope India allows this policy real quick. I don't bear any particular good hope for the purpose, but we can only keep our fingers crossed.

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