Does income protection insurance exist? Is it really helpful?
Total Comments: 12
Posted: Fri Jun 19, 2009 08:43 am Post Subject:
Hey Lori,
Did you husband's insurance started paying immediately after his becoming unemployed or he has to wait for a certain period of time before becoming entitled for the benefits?
Posted: Fri Jun 19, 2009 11:13 am 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.
It could be a railroad only thing... d, it's a separate policy that he has to pay for himself..not part of the contract, nor automatic. I'll have to look at that policy. I've really never thought too much about it, until this thread started. He bought it when he hired out over thirty years ago...He has changed the value (amount it would pay per day) over the years from time to time. As I said he has never had to file any income protection insurance claim, (fortunately never been fired), and I'm not sure if it covers being 'laid off' as opposed to being fired for a period of time. I do remember that gosh about 25 or so years ago he broke his jaw (playing soft ball) and had to be off work for a week-ten days or so. And that policy paid a flat hundred bucks for that..(at the time we were greatful for anything :wink: ) but that's been the only claim...I seem to remember it having a small death benefit too, like maybe 1k or so. We've always referred to it as "CPA" insurance policy...I'm sure that's the initals for the company. I'll pull that out later and look at it. Would'nt hurt me to read it.. :roll: Now that I think about it, it's kind of expensive, (for what you get) he pays it monthly (has it payroll deducted)...maybe twenty bucks or so a month..I do remember when he first got it, we paid it quarterly...and it was about 45 dollars or so a quarter (30 yrs ago)...
Did you husband's insurance started paying immediately after his becoming unemployed or he has to wait for a certain period of time before becoming entitled for the benefits?
Kelvin, he's never been unemployed (thank God)..so I don't know, I'll look at it and see what it says, maybe get that done this morning, would be good to know what all it covers, and if it's only (as I suspect) a ''railroad'' thing, or if anyone in any occupation can purchase this policy..
Posted: Fri Jun 19, 2009 08:43 am Post Subject:
Hey Lori,
Did you husband's insurance started paying immediately after his becoming unemployed or he has to wait for a certain period of time before becoming entitled for the benefits?
Posted: Fri Jun 19, 2009 11:13 am 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.
It could be a railroad only thing... d, it's a separate policy that he has to pay for himself..not part of the contract, nor automatic. I'll have to look at that policy. I've really never thought too much about it, until this thread started. He bought it when he hired out over thirty years ago...He has changed the value (amount it would pay per day) over the years from time to time. As I said he has never had to file any income protection insurance claim, (fortunately never been fired), and I'm not sure if it covers being 'laid off' as opposed to being fired for a period of time. I do remember that gosh about 25 or so years ago he broke his jaw (playing soft ball) and had to be off work for a week-ten days or so. And that policy paid a flat hundred bucks for that..(at the time we were greatful for anything :wink: ) but that's been the only claim...I seem to remember it having a small death benefit too, like maybe 1k or so. We've always referred to it as "CPA" insurance policy...I'm sure that's the initals for the company. I'll pull that out later and look at it. Would'nt hurt me to read it.. :roll: Now that I think about it, it's kind of expensive, (for what you get) he pays it monthly (has it payroll deducted)...maybe twenty bucks or so a month..I do remember when he first got it, we paid it quarterly...and it was about 45 dollars or so a quarter (30 yrs ago)...Did you husband's insurance started paying immediately after his becoming unemployed or he has to wait for a certain period of time before becoming entitled for the benefits?
Kelvin, he's never been unemployed (thank God)..so I don't know, I'll look at it and see what it says, maybe get that done this morning, would be good to know what all it covers, and if it's only (as I suspect) a ''railroad'' thing, or if anyone in any occupation can purchase this policy..Add your comment