This BLOG On Loss Of Income Insurance And Its Benefits For Homeowners Was UPDATED On October 22nd, 2018
Loss Of Income Insurance?
- To protect wealth and grow wealth is my job and desire as an insurance broker/agent and wealth manager
- Question- can you protect wealth without a savings account that is increasing?
- Can you protect wealth by being half-covered with insurance that could cost money by taking your hard-earned savings for doctor bills that were incurred by an unexpected accident, wreck or injury?
- We can show a way to fully protect one’s body, property, expenses and future wealth and income with insurance
In this article, we will discuss and cover Loss Of Income Insurance And Its Benefits For Homeowners.
Importance Of Loss Of Income Insurance
If you are driving or walking or working and are injured, no one pays you-
- if you have insurance it is protection for you against being sued for damage or injury that your liable to another party
- The policy pays for damage and other peoples doctor bills if you’re at fault
- Who pays you?
There is personal and commercial body insurance that will pay the policy owner in upwards of $25,000 for injury or hospital bills incurred during an accident. Typically comes with benefits that include $1000 per day paid to the policy owner for each day in-hospital care.
What Loss Of Income Insurance Protection Covers
Loss of income insurance protects the insured from loss of income while hospitalized.
- Most folks who are hospitalized may get their hospitalization covered
- But due to loss of income, they cannot pay their monthly bills and unfortunately, their credit will suffer
- One 30-day late payment on one’s credit report can plummet their credit scores by more than 50 points
- The late payment history will stay on their credit report for a period of 7 years from the date of last activity
- With the loss of income insurance protection, this can be avoided
- Insured of loss of insurance protection will have no worries about loss of income during their stay at the hospital
- Other items that loss of insurance protection covers are the following:
Necessary and reasonable expenses for:
- X-ray services
Necessary medications, medical supplies, and prosthetic devices may also be covered:
- Loss of income
- Replacement services / Disability services (for example, childcare or housework if the parent is disabled due to accident-related injuries)
- Funeral expenses / Death benefit
Types Of Insurance To Protect Consumers
Normal insurance is liability coverage:
- It pays for damage and doctor bills of another person or business
- Will save the policy owner from a lawsuit which could jeopardize savings accounts, homes and other assets if they are sued because they are at fault
- Policyholders who have the above-mentioned coverage then they are not fully covered
- That means if they become sick or injured because of an accident or hospitalized because of an accident or injury -in or out of a vehicle- the policy will take care of everyone else but the policyholder
- It will leave the wealth that we spoke of earlier exposed- did you know that?
- Yes, your vehicle will be fixed if we are speaking in relation to the property
- But as policyholders recover at home or the hospital for 1, 3 or 7 days- and not working to receive a check, the injury caused the policyholder to pay a health insurance deductible, medicine…and guess what?
Bills did not prorate themselves to compensate for the money they spent on accidents and injuries while earning less while recovering!
What Health Insurance Covers
Most insurance policies include medical payments coverage which only covers medical expenses. It doesn’t offer coverage for lost wages or loss of essential services. Medical payments benefits usually include:
- Doctor or hospital visits or stays (including required surgeries)
- EMT/Ambulance expenses
- Professional nursing expenses
- Prostheses expenses
- Dental expenses
- Funeral expenses
You thought you had full coverage:
- But leaving your assets and savings accounts and retirement accounts out to be abused because of costly expenses and without having full protection for yourself, your property, savings, and retirement account- I want you to have an answer when asked for now on, who pays you?
Buying a policy as low as $40 and making sure you would receive money in case of accident or injury- don’t go half insured like most- get educated- get fully covered with agents who care about your total health, finance and success. Homeowners Insurance covers protection to the home in the event of a fire. Loss Of Income Insurance covers income loss protection to policyholders including mortgage payments.
October 22, 2018 - 3 min read