How to Maintain Your Lifestyle Even When You Don’t Have a Regular Income?

Once you get used to a certain lifestyle it is quite difficult to lower that especially since you would have worked hard to reach there and probably work harder in order to maintain it. So what if something happened that forced you to change the way you live just so you could pay the bills on time? Devastating, to say the least and that’s something you definitely don’t want to happen even in dreams let alone reality.

The only thing you could do is prepare and protect yourself through financial instruments especially the insurance policies so that you don’t dig into your saving well before the right time. Reputed insurance companies have worked out income protection insurance plans to help you cushion against the effect of such calamities.

One such plan from AMP is the flexible lifetime protection – income protection insurance plan that help you when you have the unexpected accident or injury and rendered unable to work. This plan comes in 3 level cover. Based on your individual financial need and ability you can choose the cover that suits you best.

Basic income protectio

This is the most affordable income protection insurance cover that cushions you against severe illness and injury. Benefits include payout of up to 75% on the latest monthly income, complimentary interim accident cover (extending up to 12 months), flexible premiums – monthly, once in 6 months or annually. Other benefits include waiver of premiums when you have made a claim, if injured when you are away from home you get transport benefits, financial assistance if rehabilitation is required and cooling off period of 14 days.

Standard Income protection insurance

This type has the same features as the basic type with few other additional benefits. Under this policy you can get round-the-clock protection in any part of the world. If you are rendered unfit to work for extended periods of time due to illness or injury, you will still get regular monthly income of up to $30,000 depending on the policy taken. With standard income protection insurance you have guaranteed future insurability. According to this you can increase the cover when there is an increase in your income, there is no need to provide any additional information on your medical status. You can also avail of extra rehabilitation expenses according to your new lifestyle. This policy also allows you payment of maximum $60,000 upon death while your premium is still being paid.