What Is Salary Protection Insurance And Why You Need It?

Oct 21, 2016 | 3 years ago | Read Time: 2 minutes | By iKnowledge Team

You must be owning a car, a home, and several accessories that have contributed to the comfort and happiness that you and your family are currently enjoying. To protect these items from the financial impact of any damages, most of you might have availed insurance plans, be it home, car, or home accessories. You were able to achieve all this, because you have worked hard and earned income. But what would happen to your family in your absence? Will they be able to carry the same lifestyle like before?

Being the breadwinner of the family, salary plays an important role in a person’s life. To keep the salary coming, even when you no longer exists, there are Salary Protection plans. Here are a few reasons why you should opt for salary protection insurance plan.

Ensures ongoing quality of life

Your income is solely responsible for your current quality of life. By taking a Salary protection insurance you can ensure that your income continues even in your absence. Hence you and your family will have the financial support that will help you stay afloat. A steady income will ensure that your entire family can enjoy the same quality of life as before.

What Is Salary Protection Insurance And Why You Need It? - Aegon Life

Keep up with repayments

Most of us have some form of loans and mortgages. In your absence, repayment of mortgages becomes a real problem. A Salary protection insurance is essential for individuals who have existing debts. As the pay-out will begin when you are no more, your family will not have to bear the burden of such debts.

Focus on recovery without worries

During times of sickness, the last thing you want to do is worry about the finances. The stress of managing healthcare expenses when the breadwinner of the family is no longer available is very much. To prevent your family from bearing such stress in future, salary protection plan is recommended.

Protection against inflation

Certain Salary protection plans such as AEGON Life iIncome Insurance Plan provides inflation-adjusted benefits to the policy holder. Under such plan, the salary provided increases at a rate of 5% each year to counter the inflation in the economy, thereby saving your loved ones from the bite of inflation, even in your absence.

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