Income or salary protection of various kinds can be sought from disability insurance companies and life assurance organizations. They often cover the costs of a mortgage, or they may cover bills and other household outgoings, in the event that a person falls ill. They may also cover a level of salary – often up to two thirds or three quarters of a person’s salary – should they lose this salary because of an illness or a disability.
Income and salary protection of this kind also includes types of disability insurance, to protect against a person becoming unfit to do their work. If you are at risk of losing a job or your salary due to a recent disability, you may require sick leave. However, an employer may only be contractually obliged to cover a certain number of sick days. After a set period of not working or not being paid for work – for example, sixteen weeks – a person’s insurance company may start to pay out on the disability insurance claim. This is a valuable premium as it allows the person to enjoy a level of comfort that they may lack on their state benefits. Disability insurance of various types may also cover the costs of a person’s rent or mortgage payments for a set period.
Benefits from the state are sometimes available when someone becomes disabled to the point where they are incapable of continuing work. Although these benefits can be regarded as a form of disability insurance themselves, they usually come nowhere near to matching a person’s salary before they became disabled. Disability insurance of certain kinds may sometimes take into consideration the state benefits to which a person is entitled, and calculate payouts based on the fact that the person will also be in receipt of state benefits.
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