Often we end up taking things we love for granted. One such most loved and the awaited thing is your monthly income! Are you taking your monthly salary for granted?
Let’s look at the things your salary does for you. It pays your rent, EMIs, monthly expenses, utility bills, educational expenses, commuting expenses and also for your luxuries. It’s easy to think your income is going to be permanent in your life if you’ve got a stable job, why should you worry about losing your stable income?
Unfortunately, you can’t predict the future. While we all feel invincible, accidents and illnesses can happen. Should you fall ill or sustain a nasty injury, you may find yourself unable to work. Even worse what if you meet with an unfortunate demise? Will your dependents be able to cope up with it both emotionally and financially?
Is this thought triggering some fear in your mind? Is it affecting your peace of mind? You can’t underestimate the importance of peace of mind.
An income replacement plan will help you overcome these challenges. It will protect your monthly income against critical illnesses, disabilities, and death.
Below is a simple and convenient list of things which will help you understand why it’s important to have income Replacement Plan
Income replacement plan guarantees an ongoing quality of life
There’s nothing better than having the assurance that your finances will be covered, no matter what happens to you. An income replacement plan brings you this guarantee: if you suffer a serious illness or injury, you will have a financial protection that will keep you afloat until you can get back to work.
It provides peace of mind for you and your family
It’s never easy to raise a family. You work hard to provide for your spouse and kids. If you find yourself unable to work, that loss of income can substantially impact on your family’s finances.
With an income replacement plan, you won’t have to worry about the implications of losing an important income due to unfortunate events in life. Your family can rest easy that you will all be cared for, regardless of the situation.
Keep up with repayments
When you’re seriously ill or injured, the last thing you need is to worry about debts. It can be stressful to think about how you’ll cover daily expenses, let alone pay off outstanding loans such as a car loan, home loan or credit card debts.
Income replacement plan can be a great help to people who need to keep up with any debt repayments.
It can provide an extra level of protection
An income replacement plan can be a great supplement to other insurance plans. While it’s important to keep yourself covered in case of an unforeseen death, a comprehensive term plan can help keep you covered in case of unforeseen illnesses as well that could keep you from working and making a consistent income.
It allows you to focus on recovery without financial worries
Many people at some point in their lives will find themselves needing some rest and recuperation from a serious illness or injury. But without the right protection, they may find themselves unable to put their effort into getting better.
Having to worry about funds is always stressful, not to mention your additional concerns about when you’ll be able to return to work and begin earning money again.
It will make sure your income doesn’t cease during these trying times so you can focus on the most important task at hand: your recuperation.
The biggest hope is to be able to have the consistent income to provide for your family well under all circumstances.
Unfortunately, not all of you will be able to see that dream come true.
It doesn’t matter how much you try to stay healthy and away from danger. Accidents and unfortunate events come without any prior warnings and appropriate planning and smart decision-making can be for a good back up for securing yourself and your loved ones.
With all the risks out there, it may be a risk not to get Income replacement plan to protect you and your family in the future.