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 Posted: Mon Jun 15, 2009 11:50 am Post subject: Does income protection insurance exist? |
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Does income protection insurance exist?
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Firewall
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| Posted: Mon Jun 15, 2009 12:48 pm Post subject: |
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It does....however all I can tell you about it the policy my husband has it's thru C.P.A.... I don't know if that is specific to his occupation only, or if other occupations are covered, (he's a RR engineer)...there are varying plans that he could purchase, that pay 'x' amount per day if you are 'fired'...the RR 'fires' guys some times, for a couple weeks at a time for infractions, he has never been in over thirty years, but we've had a policy that entire time...his particular policy also has some other minor benefits in addition to the income protection..
Hopefully some of our experienced agents will pop in soon on this thread and be able to assist with this question better than I have.. 
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Lori
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| Posted: Mon Jun 15, 2009 2:47 pm Post subject: |
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| Are you looking to protect your income in case of a disability, or in case you get laid off? |
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dgoldenz
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| Posted: Tue Jun 16, 2009 10:05 am Post subject: |
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Hey Dgoldenz,
| Quote: | | Are you looking to protect your income in case of a disability, or in case you get laid off? |
Is it really possible to purchase coverage against being laid-off? If it is so then IMO income payment protection insurance would be the best coverage to have when the job opportunities are shrinking fast. |
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jeorge
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| Posted: Tue Jun 16, 2009 10:24 am Post subject: |
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Hey Dgoldenz,
| Quote: | | Are you looking to protect your income in case of a disability, or in case you get laid off? |
Would the insurance carriers agree to cover for such imminent risks as getting laid-off?
What would be the cost for such coverage?
Steven |
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steven
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| Posted: Tue Jun 16, 2009 1:49 pm Post subject: |
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| No, it's not possible, at least for any price that a normal person would be willing to pay.....but the way the question was phrased was not clear. Disability is what most people know as "income protection insurance". |
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dgoldenz
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| Posted: Thu Jun 18, 2009 11:50 am Post subject: Does income protection insurance only pays for disability? |
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I'm bit confused Goledenz. 
According to you disability insurance is synonymous to income protection insurance but Lori in her post has suggested that her husband's policy had the provision to pay benefits even in case of job loss.
| Quote: | | there are varying plans that he could purchase, that pay 'x' amount per day if you are 'fired'...the RR 'fires' guys some times, for a couple weeks at a time for infractions, |
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simon
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| Posted: Thu Jun 18, 2009 12:45 pm Post subject: |
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| Quote: | I'm bit confused Goledenz. Confused
According to you disability insurance is synonymous to income protection insurance but Lori in her post has suggested that her husband's policy had the provision to pay benefits even in case of job loss. |
A disability policy can pay benefits until age 65. The policy her husband had probably lasted a few weeks. |
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dgoldenz
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| Posted: Thu Jun 18, 2009 9:15 pm Post subject: |
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| Quote: | | A disability policy can pay benefits until age 65. The policy her husband had probably lasted a few weeks. |
Actually I think his pays income for six months in all cases, (that qualify of course) and up to 12 months for some others...Honestly, the policy he has (and all railroaders I know have it as well)...is different, in that I've never even heard of another occupation that has this policy available to them..I'm sure there are I've just personally not heard of them. His policy (as I stated earlier) pays 'x' amount per day if you are 'fired' for an infraction.
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Lori
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| Posted: Thu Jun 18, 2009 10:17 pm Post subject: |
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| His policy may have been issued as part of a union agreement and probably isn't available to anyone outside of it....just a guess. |
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dgoldenz
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| Posted: Fri Jun 19, 2009 8:40 am Post subject: |
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Is income protection insurance always available at your workplace or you have to purchase it seperately?
What are the qualifying criteria for income protection insurance? |
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kelvin
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| Posted: Fri Jun 19, 2009 8:43 am Post subject: |
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Hey Lori,
Did you husband's insurance started paying immediately after his becoming unemployed or he has to wait for a certain period of time before becoming entitled for the benefits? |
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kelvin
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| Posted: Fri Jun 19, 2009 11:13 am Post subject: |
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| Quote: | | His policy may have been issued as part of a union agreement and probably isn't available to anyone outside of it....just a guess. |
It could be a railroad only thing... d, it's a separate policy that he has to pay for himself..not part of the contract, nor automatic. I'll have to look at that policy. I've really never thought too much about it, until this thread started. He bought it when he hired out over thirty years ago...He has changed the value (amount it would pay per day) over the years from time to time. As I said he has never had to file a claim, (fortunately never been fired), and I'm not sure if it covers being 'laid off' as opposed to being fired for a period of time. I do remember that gosh about 25 or so years ago he broke his jaw (playing soft ball) and had to be off work for a week-ten days or so. And that policy paid a flat hundred bucks for that..(at the time we were greatful for anything  ) but that's been the only claim...I seem to remember it having a small death benefit too, like maybe 1k or so. We've always referred to it as "CPA" insurance policy...I'm sure that's the initals for the company. I'll pull that out later and look at it. Would'nt hurt me to read it.. Now that I think about it, it's kind of expensive, (for what you get) he pays it monthly (has it payroll deducted)...maybe twenty bucks or so a month..I do remember when he first got it, we paid it quarterly...and it was about 45 dollars or so a quarter (30 yrs ago)... | Quote: | | Did you husband's insurance started paying immediately after his becoming unemployed or he has to wait for a certain period of time before becoming entitled for the benefits? |
Kelvin, he's never been unemployed (thank God)..so I don't know, I'll look at it and see what it says, maybe get that done this morning, would be good to know what all it covers, and if it's only (as I suspect) a ''railroad'' thing, or if anyone in any occupation can purchase this policy..
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Lori
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