Income Protection Insurance Philippines

Most income protection insurance policies are short term.

Income protection insurance philippines. There are several types of income protection policy. A protection and investment plan designed to help protect your family from financial woes in case of unexpected events. Compared to other term life insurance plans in the market a minimum annual payment of p12 000 will give you p3 million in protection benefits that s 15 more coverage for every peso paid. Income insurance from irish life assurance pays you a regular income if you can t work because of an injury or illness while you are employed.

What types of income protection are there. Phi means you can protect a portion of your income often 50 of your gross salary in the event of illness or an accident that means you re unable to work. Pay affordable premiums for as low as p35 a day. Farmers vendors tricycle.

A term insurance will cost less than 500 pesos per month so it would be affordable to an employee earning minimum wage or just above the minimum wage. Income protection at a glance. Long term income protection is available too will provide a regular income for a longer pre agreed period until you are well enough to return to work. It is a contract that supplements the main life insurance policy.

Examples are riders for critical conditions term insurance accidental death or dismemberment income protection and waiver of premium. Get an insurance coverage equivalent to at least 20 times the amount you pay annually while you invest and grow your fund. Sun life philippines offers affordable life insurance plans to help protect your income and achieve financial security for your family. Article table of contents.

Life insurance products in the philippines are covered by the insurance act. Permanent health insurance phi not to be confused with private health insurance that covers medical costs. Income protection usually pays out until retirement death or your return to work although short term income protection policies which last for one or two years are also available at a lower cost. From irish life assurance.

Key features of life insurance product. Formerly known as permanent health insurance income protection is an insurance policy that pays out if you re unable to work because of injury or illness. You have a low income or limited funds and you cannot afford life insurance plans with savings investment for now but you want to have a life insurance protection.