Protection insurance plays an important role so that homeowners can sleep well at night or so that workers do not have to worry about being away for a while.
Mortgage and income protection insurance are the two main types of insurance available in the market today. You can also get mortgage through the web.
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At first glance, many different products seem to offer coverage for many different items, but both are types of insurance coverage originally known as "permanent health" and offer the same coverage for the same risks from different marketing angles.
Perpetual health is better known today as accident insurance, health insurance, unemployment insurance, or protection insurance.
All insurance policies are designed to provide short-term monthly income, often no more than one year, to people who are unable to work because of one of these perils.
The policy pays benefits if you are sick, injured, or unemployed. Benefits are paid monthly during the agreed period. Policyholders pay a small amount of premium by direct debit each month for insurance coverage.
Perpetual health insurance provides limited short-term protection for workers and their families if the primary breadwinner suffers an accident or injury on the job.
Mortgage and income protection often cover the same benefits for the same event, and policyholders only need to purchase one or the other to avoid double-compensation problems.
Both types of protection insurance are treated equally in terms of coverage and claims, although there are subtle differences between the two products and the wording of their respective policies.