Income Protection Insurance can give you a replacement income that continues to pay your essential expenses and give you security.
While the loss of your income is something most of us never give much thought to, it could happen and if you suddenly find yourself out of work due to accident, sickness or through unemployment then you could be left struggling financially.
At the present time of financial uncertainty, it is a smart move to have alternative sources of income in an emergency. If you want to ease your worries about paying the bills if you lose your job, income protection can cover your earnings against unexpected unemployment.
Buying cover from independent providers is the best way to secure yourself the cheapest premiums for the cover and the cost can vary greatly. It is important to check the small print or the key facts of the policy before you buy because this is what will allow you to decide if Income Protection Insurance is right for your situation.
There are many insurance companies online that offer income protection insurance. If you want to have the best and most suitable for you, compare rates and income protection insurance benefits and all other important details. This way you will be able to choose from a wide number of insurance companies that offer the most suitable for you.
Choose an Income Protection policy with the appropriate level of cover for your situation – consider income protection insurance limitations on how, when, and how long you are covered do not hesitate to conduct a thorough research online or ask friends and family who have. Have purchased insurance. In this way, you’ll corresponding information from the best income protection insurance for you.
If you have dependent children, then every time you spend unable to work due to illness or injury will potentially interfere with their schooling. If you have income protection insurance, you can be confident of being able to pay their school fees, costs and maintain their lifestyle even when you are unable to work.
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We all understand that a complete economic turnaround is still months away. But despite this economic climate there are women who thrive. What do they know that others don’t? Could it be they understand they don’t have to be helpless victims of outside forces?
Six figure women have specific traits that help them thrive during times like these. Like the phrase, “When the going gets tough, the tough get going”, these women understand what it takes and how to make it happen.
Here’s 7 Traits To Possess:
1. Money is OK: Financially successful women expect to be well compensated for their work. While money may not be their only or even their main driving force, they want to make and feel good about making money. On the other hand, under earners often underestimate their worth or work for free. Rather than feeling positive about making money they may look down on people with money and believe in the myth of noble poverty.
2. Be Gutsy: To succeed financially you need to step beyond your comfort zone. I’m not suggesting becoming a wild risk taker; however the financially successful woman acknowledged the need to take some risks and tolerate the discomfort that comes with going beyond her comfort zone. For example, asking for a raise, negotiating your salary, or raising your fees may produce fear and discomfort. The woman who thrives understands that fear is just an emotion and takes the step anyway.
3. Try, Try Again: People who are successful understand they need to have the ability to bounce back from their mistakes and failures. And, although none of us like to make mistakes, the women who thrive financially understand it’s part of the process. They are willing to tolerate the discomfort of failure to start again and achieve their financial goals.
How many times have you heard people say that they would like to do this or that, go here and there, or buy something, but they simply cannot do so, and the reason for this is always the same?
This reason hardly ever varies, and this reason is in the main lack of sufficient capital, or to put it into more common parlance, shortage of enough cash.
Many people look at their neighbours, friends or work mates and wonder how they manage to afford all the expensive holidays, up market cars, their fancy fitted bedroom furniture, their frequent home improvements, etc. etc.
When your cousin, who is in the same employment as yourself, earning a very similar salary, decided at a moment’s notice to fly to Australia to visit his daughter and to spend six weeks touring the country and staying in four and five star hotels, you were completely taken aback that he had the funds necessary to pay for this extremely costly vacation.
You had the same feelings when your next door neighbors treated themselves to a luxurious five berth motorhome, and took a month off work to go on a trip to several European countries and had plans for having a very enjoyable time such as dining in a number of top class restaurants in Paris, Rome and Madrid, as well as taking in a couple of operas in Verona, and in the world renowned San Carlo Theatre in the bustling Southern Italian city of Naples.
When in Spain, they were looking forward to a few bull fights, and when visiting Venice, they intended to leave the sanctuary of their travelling home on wheels and spend two nights wondering at all the marvels of this city of canals and to stay in the Hotel Danieli which is one of the most elegant abodes in the entire world.
“Adding time to investing is like adding fertilizer to a garden:It makes everything grow.”
Veeru and Jay were good college buddies, but after graduating in 1995 both got jobs in different cities and have to part ways. Thanks to Facebook, they met again 15 years later in 2010. While meeting over lunch, they happily discussed their college memories, family, kids and finally their investments. Veeru was shocked to find that Jay has got a portfolio value of Rs. 75 lacs. Well, the interesting part is that Jay never earned more than Rs. 6 lacs per year.
Did that get your attention? You may be asking, “How is that possible? Did Jay win a lottery? Did he rob the bank? Is he a stock market wizard? Did he have a great advisor? Or was he just lucky?”
Well, the truth is that he accumulated this fortune through consistently saving and investing over time. Anyone can do it, although very few choose to do it. The calculation is pretty simple, an investment of Rs. 12,500 done at the beginning of every month in equity mutual funds generating average annual return of 14 percent, grows to a sum of Rs. 76.60 lacs in 15 years. Incidentally, Rs. 12,500 is only 25 percent of Jay’s monthly salary. And in case you are still wondering, the math works the same for everybody, including you.
THE MAGIC IS IN COMPOUNDING
Most people earning Rs. 6 lacs per year believe that the only way to become a crorepati is to win the lottery. However, the power of compounding and the accompanying Rule of 72 illustrate how anyone can slowly transform small savings into large fortunes over time.