What is income protection insurance for chemical engineers?
The alternative names for income protection insurance for chemical engineers help to define it. For example it can be referred to as a disability income or a salary continuity support. This is a facility that allows for the provision of a portion of existing salary (up to 75%) if and when the policy holder is rendered incapable of working or disabled. The situations that are covered include accidents, sickness and serious injuries. The benefits are then paid on a monthly basis as a gross or taxable income stream. The nature and cost of the package is entirely dependent on the circumstances of the individual and their requirements.
Income protection insurance for chemical engineers is part of a financial planning mechanism for people who are in employed in potentially hazardous occupations. There is a lot of flexibility in the types of packages that are currently on offer. Previously it was limited to 2, 3 and 65 year packages but currently there are some companies that will offer 70+ age benefits. Therefore technically this can be classified as a component of a retirement plan. One of the decisions that will be critical is the waiting period, which means the time frame that you have to be unemployed before the payments start.
When would a chemical engineer need income protection insurance?
This is one of the most important services for people in this occupation. Those who are self-employed in particular should not be without it. This is because income protection insurance for chemical engineers offers a sensible safety net for one of the critical financial aspects of your life. It is very hard to know when you will recover from an injury or its seriousness because these are things that happen unexpectedly. If you are not covered then the chances are that you and your family will face untold deprivation due to a lack of income. Not taking out such a policy is playing Russian roulette with your livelihood.
Why should a chemical engineer get income protection insurance?
The profession speaks for itself. Anything can happen on a daily basis. It is far better to know that there is income protection insurance for chemical engineers to fall back on rather than taking chances. It certainly beats a private savings scheme because the monthly premiums are much lower than what is required in order to cover income gaps for an extended period of time. It does not really matter whether you earn a lot or earn little. That money is essential for the livelihood of you and your family. That is why you are strongly advised to insure it carefully.