Life Time Protection Insurance covers you for accident, sickness and unemployment. If you need a cover that should pay until you get back to work or until you die in case you can never get back to work, then Life Time Protection Insurance is the right product for you. These policies allow you to cover your mortgage and lifestyle and also some of the policies give you choice to cover just your mortgages or just your life style.
If you are diagnosed of any illness which means you can never get back to work for your entire life or if you have an accident that leaves you impaired and you cannot work for the rest of your life, this policy will provide you with monthly benefits you select until you either get back to work or until you die.
It is not uncommon for people to unfortunately get struck with illness that impairs them for longer periods of time or have an accident which will leave them unable to work for long periods of time. The usual short term accident and sickness insurance pays monthly benefits upto a maximum of 18 months. After that even if you are unable to work, the benefits payments will stop. This is where the Life Time Protection Insurance comes in handy. These policies do not place any restrictions on the number of months the benefit payments will be made to you. If you are unable to work due to accident or sickness, you will be get your monthly benefit until you get back to work. If it ever means that you cannot ever get back to work, the policy will pay your monthly benefit until you die.
Most policies provide a choice of what you want to cover. You can cover mortgage only, life style only or cover both mortgages and lifestyles. Apart from Accident and Sickness, you can also cover yourself for Unemployment. Under Unemployment part of the cover, in most policies, you will be covered for a maximum period of 12 months. Also some policies stipulate the condition that you can claim for a maximum of 36 months towards unemployment during the life time of the policy.
In terms of type of cover, some policies also offer you the choice to choose between a level cover or inflation index linked cover. With the level cover, you will get the same amount of benefit month after month and with the inflation indexed cover; your monthly benefits will be linked to inflation and re-adjusted periodically. The benefit with the index linked cover is that you will never lose your purchasing power as the benefit amount will go up if the inflation rises.
The one thing that most of us cannot guarantee is when we will have that unfortunate accident or sickness and how long we will be off work if we get struck with one of these. While Critical Illness covers tend to cover off with a one off payment it will not cater on a monthly basis. Illness and accidents can sometimes have disastrous effects and it is not abnormal to get signed off work for a few years in some scenarios. While it can be argued that this will not happen to most of us, the impact can be disastrous and the last thing you would want is not having a regular monthly income to pay your mortgages or maintain the lifestyle and affordability. The Life Protection Insurance is one of the comprehensive policies that not only cover illness and accident but also a reasonable amount of Unemployment.
The main difference between any short term protection insurance and long term protection insurance is number of maximum months the benefits will be paid to you. The Life Time Protection Insurance is a long term protection insurance which means that your benefits will not stop after 12 or 18 months. Depending on your requirements you have a range of products to choose from Accident & Sickness Short Term Income Protection Insurance and Payment Protection Insurance, Critical Illness Insurance or Life Time Protection Insurance products.
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