Every person around the globe works hard in order to earn money and live a comfortable life. Each and every person has the desire to safeguard their hard earned money from a lot of dangers. At a certain age, people go out of work. They can’t keep working until their last days. But, what happens when work is no longer available? This is a question that haunts the sleep of most employed people. For the people who will have to discontinue their work due to some unexpected happenings like accidents or sickness, providing the guarantee that they will be receiving their regular income will put all their insecurities at bay. Nature of income protection insurance Insurance is not a new term for people. Everybody has an insurance of one kind or the other depending upon the things they want to protect. A vast majority of people in Australia have insurance for their home and the contents in it against any natural disaster like fire, floods and even against theft. Considering the worth of a home to that of an average person’s income is very important in order to know the necessity of insuring the income. They might come handy when a person wishes to reduce his/her tax spending. Plans like disability Income Protection Insurance are known to be tax deductibles and can reduce you tax. Having these insurances made is very affordable nowadays and cost less than a cup of a person’s everyday coffee. Disability income is the amount of money a person gets when he/she has met with an accident and is unable to work for the time being. During this period this insurance will provide up to 75% of that person’s salary every month. This will help in eliminating any worries about the financial struggle and the person can completely focus on their recovery which is most important. Protecting the income of a person is not merely taking care of the bills, which is where the foundation of a family is. For a working professional, monthly income is everything when it comes to running the family. About the firm that provides the best insurance plans Professionals who work under money fitness centre are known as life risk specialist staff. They are known to have an experience of over 70 years in the vast industry of insurance. They also have experience in management, administration and also in preparing the right advice for the clients. This experience has led to a great knowledge about the product that they are dealing with. They also have tie ups with a number of dominant insurance providers in the country. The professionals conduct an up to date research in order to give a good number suitable quotes for their clients. They also help the clients in deciding what type of insurance is most required by them. Customer support and their satisfaction has been the main motto of the company and all the customers are treated with utmost respect without any delay in the process.
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A General definition of insurance is “an agreement through which company compensate for any kind of loss for example damage, illness, Death etc." This is a kind of security which is provided by the company to their employees so that they get security in their job. We can also call it a type of extra benefit which an employee gets. Apart from the employees the key person of the company also gets a Key Person Insurance for itself which benefits the company in future. WHAT IS A KEY PERSON INSURANCE The owner of the company is known as the key person. In small companies, it may be one but when we talk about the corporate world many big companies have shares of a group of members. In either case, the key person gets insurance policy if an accidental or unexpected death of that member happens company gets the insurance payoff. HOW TO AVAIL IT? For this insurance policy, the company has to purchase life insurance for its key employees and it also has to pay the premium. In case of death of the key man of the company, the company receives insurance payoff. The funds received can be used for the expenses. Until or unless a new key person was found or appointed for that company. WHICH TYPE OF EXPENSES WERE INCLUDED
BENEFITS TO THE COMPANY: If the key man of the company is alive but unable to work due to any major reason the payoff will be attained by the company. It also protects the business from the risk after the unfortunate death of the key man. When the company is paying premium then it will save 30% surcharge on one rupee of premium paid and this all will be according to the current tax law. When the key man of the company get these types of benefits then the moral of the key person boost up and hence productivity will increase. Last but not least, if in any unfortunate case the company has to be auctioned then the potential buyer will put a higher value if the company has the back up of insurance to meet the money replacement of the key person. NOTE: This insurance may not be issued to the company whose profit is declining apart from any special circumstances. The renewal time, the premium paid and the age limit will be different from one insurance company to the other. All-time loss-making business companies were not allowed to buy this Key Person Insurance. OUR SUGGESTIONS:
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