Do you know why you need wage protection insurance? Or why you need it now? Choosing to become a professional driver is a lucrative career path. Apart from being able to travel to various destinations across the region or country, it provides huge opportunities for freedom and growth. While a professional driver’s salary is more than enough to support a growing family, the countless risks they have to face may make them loss a huge chunk of their hard work to accidents, illness, disability, layoffs, or perhaps, death. To continue earning even when encumbered, wage protection insurance provides truck drivers the perfect oasis.
Income or Wage Protection Insurance
Each year, thousands of truck drivers succumb to various risks in their jobs leading to loss of income. Wage protection insurance, or income protection insurance, is specifically designed to give them cover for such reasons. It allows truck drivers not to touch on their hard earned savings and still continue being paid for services even when not rendered physically due to certain conditions that prevent them from doing so.
Sometimes called in other countries as “permanent health insurance”, this comprehensive policy is designed to offer assistance to a worker even when not physically able to do his or her task due to illness or injury. It provides set monetary remuneration to truck drivers allowing them to receive regular income until they can come back for work. In a way, it allows one to enjoy the usual perks of income generation even when physically incapacitated.
Top Reasons To Get Wages Protection Insurance:
In effect, it protects truck drivers from the potential losses brought by risks in this line of work. When accidents happen or when sudden stoppage at work makes them lose a considerable portion of their income, it allows the following perks:
It works as a “replacement” of one’s income when not being able to work due to sickness or injury.
It becomes one’s source of income until such time that he or she can go back working again (or until the end of the policy’s term or when perishing from an untimely death).
It allows one to pay bills, mortgage, and keep up with financial obligations even when not working or when incapacitated.
When injured, this safety net offers a refuge for one to focus on recovery and not be burdened by mounting bills.
Covers vast number of illnesses that hinders one from active work (Note: dependent on policy).
Limitless claims; as long as the policy lasts.
Wage protection insurance can be customised according to certain set guidelines by the insurer.
Overall, wage protection insurance will prove to deliver much-needed safety net to risky jobs like that of truck drivers. It provides an extra level of protection when faced with the challenge of an injury, an illness, a temporary disability or even death. Getting the right policy, however, requires careful thought. If possible, get the best advice on wage protection insurance from trusted financial advisers to guide you in finding the best policy possible to cover your needs.
Need help picking the right income protection insurance policy/wage protection insurance? Please feel free to enquire online or contact our office.