Long Term Income Protection Insurance

Long Term Income Protection Insurance is an insurance policy that is meant to pay benefits to policyholders who are rendered out of work by changes to their physical health on account of illness or accident. The Long term Income Protection Insurance was earlier called Permanent Health Insurance, which, as the term implies, gives a sense of completeness and security to the insured.

The benefits in the case of the Income Protection Scheme are payable to the policyholder after he has been incapacitated from work and the payments would continue to come in till the time of official retirement, recovery to good health that lets the policyholder get back to work, death of the person or in accordance with the terms of the individual contract.

Among the many benefits of Long term Income Protection Insurance is the fact that multiple claims can be made over the policy term. As long as the policyholder keeps the premium coming, the insurance policy would stay intact, and the insurer cannot decide not to renew the policy. Further, the policy offers protection irrespective of whether you are employed or self employed.

However, it needs to be noted that the Long term Income Protection Insurance applies only in cases where the policyholder has become unemployed on health grounds or on account of accident and not otherwise. There may be other exclusions applicable, which need to be checked with in the policy document.

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