Do you carry income insurance?

Discussion in Other Insurance Type started by Lostvalleyguy • Apr 5, 2014.

  1. Lostvalleyguy

    LostvalleyguyActive Member

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    In Canada many have a government insurance called Employment Insurance which covers a portion of ones income in the event an employee is laid off or unable to work for a few other reasons (This doesn't cover quitting or being fired).

    If you are not eligible, one can buy private income insurance that will offer coverage in a similar manner. This will sometimes cover income if you are sick and unable to work and a whole variety of other situations. This is something to consider if you need your regular income to pay a mortgage or other loans.

    Do you carry this type of insurance? How do you plan for the unexpected situation where you are unable to generate an income?
     
  2. Pat

    PatWell-Known Member

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    In the States it is called Disability Insurance, it covers a portion of your income if you become sick. Not uemployed just, must people in the states do not believe they need this type of coverage because they have sick leave on their jobs. I am an insurance agent and it is hard to get people to see that they cover their cars but not their incomes just in case something happens. Good question.
     
  3. Parker

    ParkerWell-Known Member

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    Yes, it's called Disability Insurance. In my state, anyone hurt on the job is covered by the state disability plan. It only pays 66% of your salary. It's possible to buy supplemental disability insurance, but most people don't. Right now, I'm not covered under any disability plan because I am self-employed. I really need to get some type of disability insurance. I used to be a sales agent so I really know better.
     
  4. klassiter

    klassiterActive Member

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    Yes I have disability insurance. I think it is important for everyone to have. You never know if something will happen that will cause you to stay out of work for an extended time. I rather pay for the insurance and feel secure that I have it, than to get sick and worry about money.
     
  5. eppie

    eppieActive Member

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    I don't think @lostvalleyguy is talking about disability insurance. Because he mentioned that this so-called "income insurance" protects you in case you get laid-off (disability insurance definitely doesn't cover this event). But anyway, unfortunately, we only have disability insurance in our country. It's actually my first time to learn about this income insurance. :)
     
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