What is Income Protection Insurance for Childcare workers?
This is a critical insurance scheme that offers to pay anywhere between 60% and 70% of your normal earnings in cases where you are unable to do your job for a given period of time. Although the policy can cover you from the very first day that you are unable to attend work, some people opt for a waiting period of between 30 and 90 days before they can claim on income protection insurance for childcare workers. The effect of a longer waiting period is that your monthly premium is slightly lower than those that choose to have their benefits paid right away.
The policy will clearly set out the conditions and events that are covered so that you are sure about what is happening right from the beginning. You will be given a range of choices so that you can tailor the income protection insurance for childcare workers according to the situation that you are in and your needs. A case in point is how those involved in an accident that takes them off work for more than three days can immediately begin to claim on the policy as long as they have fulfilled the other essential conditions. Others use it as a long term investment.
When would Childcare workers need income protection insurance?
There are many situations in which it would be of the essence for you to have a policy such as this. Some more advanced policies are even offering an optional redundancy benefit which is very relevant for employees in these harsh economic times of insecure jobs. Income protection insurance for childcare workers is most potent when it comes to injuries because they happen at the most unexpected and inconvenient times. The income that comes from this policy (up to 70% of what you normally earn) will go a long way in helping you pay off your bills and deal with other financial commitments.
Why should Childcare cleaners get income protection insurance?
The loss of an income can have devastating consequences not only for the worker but also for the people that depend on them. For example they will have to deal with credit card bills, mortgage arrears, health costs and household consumption. With income protection insurance for childcare workers, it is possible to use that monthly paying to keep your affairs in order until you can get back on your feet. This option can even supplement some of the other retirement and incapacitation plans that you may have for the future. It is a sound policy that is essential as part of an overall financial prudence plan.