Does income protection insurance exist? Is it really helpful?
Total Comments: 12
Posted: Mon Jun 15, 2009 12:48 pm Post Subject:
Income protection insurance does exist....however all I can tell you about it the policy my husband has it's thru C.P.A.... I don't know if that is specific to his occupation only, or if other occupations are covered, (he's a RR engineer)...there are varying plans that he could purchase, that pay 'x' amount per day if you are 'fired'...the RR 'fires' guys some times, for a couple weeks at a time for infractions, he has never been in over thirty years, but we've had a policy that entire time...his particular policy also has some other minor benefits in addition to the income protection..
Hopefully some of our experienced agents will pop in soon on this thread and be able to assist with this question better than I have.. :roll:
Posted: Mon Jun 15, 2009 02:47 pm Post Subject:
Are you looking for income protection insurance to protect your income in case of a disability, or in case you get laid off?
Posted: Tue Jun 16, 2009 10:05 am Post Subject:
Hey Dgoldenz,
Are you looking for income protection insurance to protect your income in case of a disability, or in case you get laid off?
Is it really possible to purchase coverage against being laid-off? If it is so then IMO income payment protection insurance would be the best coverage to have when the job opportunities are shrinking fast.
Posted: Tue Jun 16, 2009 10:24 am Post Subject:
Hey Dgoldenz,
Are you looking to protect your income in case of a disability, or in case you get laid off?
Would the insurance carriers agree to cover for such imminent risks as getting laid-off?
What would be the cost for such income protection insurance coverage?
Steven
Posted: Tue Jun 16, 2009 01:49 pm Post Subject:
No, it's not possible, at least for any price that a normal person would be willing to pay.....but the way the question was phrased was not clear. Disability is what most people know as "income protection insurance".
Posted: Thu Jun 18, 2009 11:50 am Post Subject: Does income protection insurance only pays for disability?
I'm bit confused Goledenz. :?
According to you disability insurance is synonymous to income protection insurance but Lori in her post has suggested that her husband's policy had the provision to pay benefits even in case of job loss.
there are varying plans that he could purchase, that pay 'x' amount per day if you are 'fired'...the RR 'fires' guys some times, for a couple weeks at a time for infractions,
Posted: Thu Jun 18, 2009 12:45 pm Post Subject:
I'm bit confused Goledenz. Confused
According to you disability insurance is synonymous to income protection insurance but Lori in her post has suggested that her husband's policy had the provision to pay benefits even in case of job loss.
A disability policy can pay benefits until age 65. The policy her husband had probably lasted a few weeks.
Posted: Thu Jun 18, 2009 09:15 pm Post Subject:
A disability policy can pay benefits until age 65. The policy her husband had probably lasted a few weeks.
Actually I think his pays income for six months in all cases, (that qualify of course) and up to 12 months for some others...Honestly, the policy he has (and all railroaders I know have it as well)...is different, in that I've never even heard of another occupation that has this income protection insurance policy available to them..I'm sure there are I've just personally not heard of them. His policy (as I stated earlier) pays 'x' amount per day if you are 'fired' for an infraction.
Posted: Thu Jun 18, 2009 10:17 pm Post Subject:
His policy may have been issued as part of a union agreement and probably isn't available to anyone outside of it....just a guess.
Posted: Fri Jun 19, 2009 08:40 am Post Subject:
Is income protection insurance always available at your workplace or you have to purchase it seperately?
What are the qualifying criteria for income protection insurance?
Posted: Mon Jun 15, 2009 12:48 pm Post Subject:
Income protection insurance does exist....however all I can tell you about it the policy my husband has it's thru C.P.A.... I don't know if that is specific to his occupation only, or if other occupations are covered, (he's a RR engineer)...there are varying plans that he could purchase, that pay 'x' amount per day if you are 'fired'...the RR 'fires' guys some times, for a couple weeks at a time for infractions, he has never been in over thirty years, but we've had a policy that entire time...his particular policy also has some other minor benefits in addition to the income protection..
Hopefully some of our experienced agents will pop in soon on this thread and be able to assist with this question better than I have.. :roll:
Posted: Mon Jun 15, 2009 02:47 pm Post Subject:
Are you looking for income protection insurance to protect your income in case of a disability, or in case you get laid off?
Posted: Tue Jun 16, 2009 10:05 am Post Subject:
Hey Dgoldenz,
Are you looking for income protection insurance to protect your income in case of a disability, or in case you get laid off?
Is it really possible to purchase coverage against being laid-off? If it is so then IMO income payment protection insurance would be the best coverage to have when the job opportunities are shrinking fast.
Posted: Tue Jun 16, 2009 10:24 am Post Subject:
Hey Dgoldenz,
Are you looking to protect your income in case of a disability, or in case you get laid off?
Would the insurance carriers agree to cover for such imminent risks as getting laid-off?
What would be the cost for such income protection insurance coverage?
Steven
Posted: Tue Jun 16, 2009 01:49 pm Post Subject:
No, it's not possible, at least for any price that a normal person would be willing to pay.....but the way the question was phrased was not clear. Disability is what most people know as "income protection insurance".
Posted: Thu Jun 18, 2009 11:50 am Post Subject: Does income protection insurance only pays for disability?
I'm bit confused Goledenz. :?
According to you disability insurance is synonymous to income protection insurance but Lori in her post has suggested that her husband's policy had the provision to pay benefits even in case of job loss.
there are varying plans that he could purchase, that pay 'x' amount per day if you are 'fired'...the RR 'fires' guys some times, for a couple weeks at a time for infractions,
Posted: Thu Jun 18, 2009 12:45 pm Post Subject:
I'm bit confused Goledenz. Confused
According to you disability insurance is synonymous to income protection insurance but Lori in her post has suggested that her husband's policy had the provision to pay benefits even in case of job loss.
A disability policy can pay benefits until age 65. The policy her husband had probably lasted a few weeks.
Posted: Thu Jun 18, 2009 09:15 pm Post Subject:
A disability policy can pay benefits until age 65. The policy her husband had probably lasted a few weeks.
Actually I think his pays income for six months in all cases, (that qualify of course) and up to 12 months for some others...Honestly, the policy he has (and all railroaders I know have it as well)...is different, in that I've never even heard of another occupation that has this income protection insurance policy available to them..I'm sure there are I've just personally not heard of them. His policy (as I stated earlier) pays 'x' amount per day if you are 'fired' for an infraction.Posted: Thu Jun 18, 2009 10:17 pm Post Subject:
His policy may have been issued as part of a union agreement and probably isn't available to anyone outside of it....just a guess.
Posted: Fri Jun 19, 2009 08:40 am Post Subject:
Is income protection insurance always available at your workplace or you have to purchase it seperately?
What are the qualifying criteria for income protection insurance?
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