Inability to work

shutterstock_136759922The inability to work can result in loss of some or all of the production of a person’s income. One of the most prominent features of young people is their ability to produce income. It’s amazing how many young people do not think that there is a chance of losing this ability. This can happen from a possible disease, a possible accident or unemployment, which is the most common nowadays.

In the case of loss of income because of an illness or an accident, family expenses continue to exist and are often elevated due to the health problem. Many people could not live even a few months without income.

There are two different types of income loss from illness or accident, temporary which lasts for a time period and permanent lasting for a lifetime. Also, the inability to work may be partial when the person can do some limited work or total and where he cannot do any kind of work.

The Financial Planners can take into account the loss of income to the overall financial strategy of the client and to propose specific products that can provide protection against inability to produce income. Products that can protect against a loss of income are primarily insurance products.

There is certain coverage when an inability to work after an accident or illness occurs, this will compensate for the loss of income, in the form of guaranteed monthly income for a specified time period. Quiet recently in the Greek market similar products were produce that provide coverage to customers in case of involuntary unemployment..