What Sorts Of Illnesses/Injuries Does It Cover
It’s an important thing to protect your income. In a market that has faced recession and is still climbing out of that pit workers everywhere, especially those open to getting themselves IP cover, have opted for Income Protection Insurance because they feel they can still hold on to their jobs as valuable employees even in periods when they succumb to sickness or injury from situations at work. The IP cover, based on certain eligibility criteria, will pay out sums of cash in the time the worker is inconvenienced.
The IP insurer makes certain the benefits/payouts do not exceed the worker’s income value lest the policy holder decides to lean a bit too heavily on the moral hazard side of the policy. Once the worker provides all the right certification and evidence required by the policy providers they then start receiving payouts in regular intervals or as per their policy contract. These amounts help keep them going until they are healthy enough to return to work, or have entered retirement or have passed away for a legit reason other than self-harm, alcohol and drug abuse and other such acts not covered by the policy.
General illnesses and injuries are covered under IP policies. Stress related ones, on the other hand, will need a few more certifications and confirmations from professional medical staff to be accepted. After all, most stress related illnesses are psychological in nature, making it near impossible to get physical evidence to prove their existence, which is something a handful of IP providers ask for. There are other Income Protection Insurers who do not do that, accepting a preliminary screening of the potential policy holder and calling it a day, with some extra steps required later on. Any major injury or illness or those brought on by self-harm and other similar factors mentioned earlier aren’t covered by IP policies.
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