Quote:
Originally Posted by Sweetpea
You won't be able to call in sick... You need to be under a doctor's care and this will be checked reguarly. If you can't continue your work because of your sickness (because you may have gotten a disability, for instance), you will have to look for other work that you can still do. And yes, that can mean a lowering of your salary. But there are insurances for that, so you can be sure you'll never earn less than 70% of your last earned salary.
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The cover I have does not require me to return to 'any' job. For example a computer programmer who lost the ability to use hids hands effectively would be covered until either he could use them again, or technology advanced to the point where he could do job without any hindrance.
Typically though the insurance company with negotiate a lower payment but allow you to return to work in more basic job. For example an steel worker who couldn't continue could perhaps get a job in a garden center, and the payout from the insurance company would be lowered.
A proper income protection company from a reputable insurer is a very good policy. But only assuming that you take it out when you're in your early twenties, you keep it going until you retire, and you review it every few years to keep it in line with your salary. It's rather unfair though because someone with type 1 diabetes will either be refused insurance or face vastly inflated premiums.
The point of all this is that you can provide for yourself in the way of income protection, life protection, retirement protection etc etc very well, and very cheaply in comparison to what we pay the government. Even if people at a higher risk were charged the same premium it would average across without a significant cost increase. The problem starts when the government runs things because it's not morally right to allow someone to starve to death or live in abject poverty. And of course this is the point where I hold my hands up and say I don't have the answer.