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Loss of income insurance that covers workers who
are unable to work for any reason. They are usually paid 80% of the
insured income. They may have to be off work for 3 months or more
before the policy comes in effect, depending on the terms of your
policy and on how much you wish to pay.
You ability to earn income is one of your most important assets. If
a serious illness or accident stopped you from working for an
indefinite period of time, loss of income insurance will make sure
you still have that income.
Retraining - some insurance companies also
offer a retraining program, where as an alternative to income the
insurance company will pay for you to retrain for a different
profession. Provided that it was a profession that you could work in
due to the illness or accident.
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