What is the Best Income Insurance for Low Income Earners 2020 / 2021?

Getting the best income insurance for low income earners allow you and your loved ones to continue honouring your financial obligations and commitments until you are able to resume work.  The majority of people generally tend to insure what they deem to be valuable – house, property, vehicles, even their pets. However, for most, perhaps the most valuable thing is their income, hence the importance of income insurance.

The risk of being unable to work and earn due to injury or illness is very real for everybody but perhaps even more for the low income earners. Although sick leave benefits and workers’ compensation may provide you with some level of protection, the best income insurance for low income earners gives you an added level of security. It could help you meet your standard financial obligations as you would normally do without the injury or illness.

​Importance of Income Protection

Income protection or income insurance for low income earners plays a vital role that goes beyond the standard benefits you get from other coverages such as sick leave, disability support pension or workers’ compensation.

With the best income insurance for low income earners you get covered irrespective of where or how you became injured or sick. Usually, policy payouts come in the form of a monthly sum (fixed), and it’s possible to get coverage for right up to the day you resume work. In case you are unable to resume working, you could get coverage until you attain the age of retirement. Even more significantly, you get covered for injuries and illnesses that are not work-related, even when such happen when you are abroad.

Being unable to earn can be devastating. Your income is certainly your most critical asset allowing you to continue living your current lifestyle. You are able to pay bills, car loans, mortgage, insurance, children’s education and so on. This makes choosing the best income insurance for low income earners very important.

1. Allianz Suisse Insurance Company

​When you have the best income insurance for low income earners, you have security as it kicks in whenever something goes wrong! With a good income protection insurance package, if you became incapacitated temporarily or lost your job you will still cover your most basic needs. Income protection insurance from Allianz ensures that until you are fit to resume work or reemployed, you can continue covering your standard living costs without too much stress.

Depending on your current employment status, in case of any unexpected event such as long-term inpatient treatment, involuntary unemployment, or temporary incapacity to work which could cause income loss you may benefit from income insurance.

Allianz Suisse Insurance Company has some of the best income insurance for low income earners options:

Involuntary Unemployment: This product gives you coverage for the income loss suffered due to job loss (permanent or involuntarily) due to no fault of yours (when you are employed permanently). To fully benefit from the Allianz Suisse Insurance Involuntary Unemployment Coverage, you must have been working at the same workplace for a minimum of one year and also be entitled to receiving employee unemployment benefits from your employer.

Temporary Incapacity: This protects you in case of temporary incapacity caused by incidences or events that are defined in your policy.

Daily Hospitalization: Covers unemployed individuals (for example housewives and students) for expenses incurred during inpatient treatment that lasts more than one week due an illness or accident.

This is rated as the best income insurance for low income earners coverage because, in the event of your total disability or death, the full benefits get passed on to the policyholder’s beneficiaries.

Allianz Suisse offers a wide range of services, products, and solutions in asset management and insurance. Whether you want the best income insurance for low income earners or you simply want to cover your health, assets or family, Allianz is ready to help you take the next step.

2. American International Group, Inc.

At the core of the best income insurance for low income earners is how an insurance company defines incapacity. This might be according to the person’s ability to perform their own job or another similar one. It could also be according to performing a job that they are best suited for by virtues of their experience or training, or simply being unable to carry out a set list of basic physical activities such as the inability to walk for over 100m.

At American International Group, Inc., the only time they ever rely on own or suited work definitions is when dealing with full-time workers and even then, their definitions are broader  – the AIG suited definition encompasses own occupation coverage for the initial one year. Towards ensuring that theirs is the best income insurance for low income earners, AIG looks into specifically meeting the needs of working people.

This includes:

  • More assistance to help you get back to work.
  • Assistance for parents who have to leave work in order to give full-time care for an injured or sick child.
  • Assistance during the period of deferment.
  • Cover against over-insurance.

In case an injury or illness prevents you from being able to work, income protection from AIG could provide you with a benefit (monthly) of 60% of your first £25,000 (annual pre-tax income0 as well as 50% of any annual pre-tax annual that exceeds £25,000 yearly divided by 12.

The flexible features of the AIG payment protection product make it the best income insurance for low income earners:

  • Parents are eligible to claim Carer’s Cover.
  • No premiums to be paid while you are receiving the benefit payments.
  • AIG completely waives the deferred period if your claims are for terminal illness.
  • Assistance during the deferred period.

Founded in 1919, AIG is today a truly global organization providing a broad range of insurance products that include property, life, retirement as well as other financial services. American International Group, Inc. stock is listed on the Tokyo Stock Exchange and the NYSE.

3. Assurant General Insurance Limited

When you are covered by the best income insurance for low income earners, you will not spend lots of anxious moments about what would happen if you became sick, disabled or lost your ability to work and earn a livelihood. The Assurant income payment protection products are designed to ease your worries by assisting you in protecting your financial security in the event of an unexpected disaster.

While you could be eligible for disability support pension, sick leave or workers’ compensation, in case you are unable to work, these may not cover all your expenses adequately. The benefits that come with payment protection from Assurant General Insurance can generally be utilized in paying off credit cards or personal loans as stipulated in your policy.

Excellent Customer Care: Assurant gives serious attention to customer care. Their service representatives always strive to offer compassionate and fast responses to claims. They are also very innovative towards ensuring that your benefits get activated fast and become available when they are needed by you.

Payment Protection Products: This insurer has some of the best income insurance for low income earners products. They offer a broad assortment of payment protection services and products for major purchases, mortgages and credit cards. The events that are covered include involuntary unemployment, temporary or permanent disability as well as the policy holder’s death.

Clear Coverage Periods: Your income protection coverage takes effect as soon as your protection product gets approved by Assurant. It generally provides you with coverage for between 12 and 24 months.

For over 50 years, Assurant General Insurance Limited has been operating in the insurance business and has a solid reputation as a Fortune 500 company. It has one of the best income insurance for low income earners packages that provide you peace of mind with the knowledge that your key financial obligations and commitments will be well-taken care of in the event of disability or involuntary job loss.

​4. Unum Ltd

The Income Protection package from Unum Limited is deemed as one of the best income insurance for low income earners. It not only provides a financial benefit but also vital rehabilitation support in case an employee cannot work due to long-term injury or illness.

Employers can use Group Income Protection in two main ways:

  • Helping employees in managing sickness plus the associated treatment costs. The Unum rehabilitation support help employees to quickly get back their health and resume work – this reduces the duration of sick leave and its impact on business.
  • As a benefit to the employee that provides continued income for the incapacitated and sick employees. This helps in relieving financial stress during a difficult period. This can greatly boost morale, help in attracting as well as retaining the best staff – essential factors to business growth.

Simplicity Income Protection – This product comes with simplified options and easy administration. Simplicity Income Protection offers a cost-effective solution for those employers who are seeking to give their employees a basic cover level for the first time. It has a flat £12,000 benefit per year, or if lower, 100% of earnings.

Executive Income Protection – This is designed for small and mid-size businesses that are seeking to provide the benefits of an extended sick pay plan to selected employees.

Sick Pay Insurance – Offers short-term work absence financial support. Payments can begin from the first week of absence up to 52 weeks. This complements any existing sick pay scheme.

Automatically, customers of Group Income Protection have access to a broad variety of support services that come at no extra expense. These include:

  • Rehabilitation Services – This is a nationwide rehabilitation team that helps employees manage sickness absence.
  • Unum LifeWorks – This is an Employee/ Employer Assistance Programme designed to give employees access to a helpline that offers advice 24/7 on everyday personal issues such as childcare and debt.
  • AgeingWorks – A convenient online portal that offers employees access to useful informational resources and counsel on diverse age-related issues.

Generally, the benefits that come with the Unum products are based on your earnings a contributing factor why Unum is considered among the best income insurance for low income earners.