What is the Best Income Insurance for Low-Income Earners 2018?

Today, getting the best income insurance for low-income earners is not only a big plus but a must. This is because the rising cost of living has become a huge challenge for the majority of low-income earners. The situation becomes even worse when families lack health insurance. Let’s face it; we all need some form or the other of insurance.  Perhaps, it’s only the very super-rich who might not need it, but they too seek to insure themselves or their wealth.

Income protection insurance is not something that every working individual needs to commit to and there is absolutely no obligation for you to buy it during any specific stage of life. However, for a low-income earner, an income protection policy may prove to be of great value in case you fall sick, get an injury that temporarily incapacitates you, are facing redundancy or possible unemployment. Under such circumstances, getting the best income insurance for low-income earners is, in fact, a very wise move.

Why Get Low-Income Insurance?

Income protection gives you peace of mind in the knowledge that you can still afford to make ends meet during that period when you are unable to work. It typically provides the insured with cover should he or she lose their income through sickness, an accident, or temporary unemployment.

How can you possibly make ends meet when as a low-income earner already you are stretched to the limit and then you lose your job or fall sick? How can you pay for the mortgage, rent, school/college or medical bills? The answer lies in subscribing to the best income insurance for low-income earners from a solid and reputable insurance provider.

Different policies designed to protect your income come with different allowances, restrictions, and exclusions, so it is essential that you shop around comparing the benefits, features, and terms and conditions before making your final decision.

1. State Farm

If you get completely disabled due to an injury or sickness and are unable to work, you need the best income insurance for low-income earners. Also known as disability insurance, it offers you coverage that helps to pay your car loans, rent, mortgage, and other expenses you incur monthly. Income insurance can also help to avoid having to use your education or retirement savings on routine monthly expenses when you are unable to work.

State Farm Insurance Company has the following products:

Long-Term Disability Insurance – Would you be in a position of covering your family expenses for a week, a full month or even longer if you became totally disabled and unable to work due to an injury or sickness?

Long-term disability insurance from State Farm ranks among the best income insurance for low-income earners as it can assist you in several ways:

  • It directly pays you a monthly income when you're unable to earn from working due to sickness or injury.
  • You get to choose the length of time that you must be disabled prior to receiving the benefits as well as the length of time during which you would be receiving the benefits.
  • Monthly max benefit amounts range between $500 and $20,000 depending on your occupation and income.
  • Your coverage can be customized with different riders.

Short-Term Disability Insurance – This product provides funds for whatever needs protection. Examples include rent, mortgage or car loans.
Mortgage Disability Insurance – This kicks in when you become totally disabled due to injury or illness. It can offer you protection for up to 3 years.
Individual Credit - State Farm provides you funds that go towards meeting your loan obligations. The payments are paid directly to the lender.
The income insurance for low-income earners policy options from State Farm are generally designed to cover for short-term disability. These are some of the features that have earned State Farm top accolades as one of the best income insurance for low-income providers.

2. Minnesota/Securian Life Insurance Company

Tracing its history to 1880, this insurance company is highly respected and rated as one of best income insurance for low-income providers. Minnesota Life has been in the financial services and insurance industry for over a century, helping businesses and families in their millions to achieve financial security during both difficult and prosperous times.

Unexpected injuries or illnesses can cause havoc in a family and leave a lasting negative financial impact. The Securian bundle of flexible options provides low-income earners with an affordable opportunity to protect themselves against the unseen mishaps and events we all encounter in life.

Term Life Insurance - This is an affordable, simple way of protecting your family for a specific duration, such as until you are in a position of paying off a sizeable or large debt. The term life policy from Minnesota Life Insurance will pay your beneficiaries a direct benefit in case you pass on during the term when your coverage is on.

Many reviewers think it is one of the best income insurance for low-income earners because:

  • It is a straightforward and simple protection for your family.
  • It is certainly less expensive when compared to permanent products.
  • You have the ability to convert your term life coverage to permanent protection.

Minnesota is rated as one of the best income insurance for low-income earners because you can customize their products with diverse benefit configurations. They are flexible when it comes to their benefit amounts. You can also opt to take the products on offer on a standalone basis or opt to bundle them with others creating unique packages.

Minnesota Life Insurance Company is an affiliate of Securian Financial Group, Inc. This is the parent holding company to a group of companies providing a wide spectrum of financial services in the United States and many reviewers place it among the best income insurance for low-income companies.

3. John Hancock Life Insurance

John Hancock is one of the best income insurance for low-income provides today. The Insurance provider is dedicated to the provision of innovative and thoughtful insurance solutions that are designed to address a diversity of financial needs and goals. Life insurance from John Hancock provides different solutions that play an invaluable role towards helping you attain your future financial goals.

Comprehensive Product Portfolio – It doesn’t matter how complicated or simple your financial goals are, John Hancock Insurance has a solution that will be the perfect fit for you. The comprehensive portfolio on offer includes term life, universal, indexed universal as well as several variable products that can form some of the best income insurance for low-income options for many working people.

The company has shown its commitment to developing and designing innovative products that are offering greater value to its customers. These go a long way into helping the insured live a healthier and longer life while providing protection for your family.

Term life insurance - Term insurance from John Hancock is affordable, straightforward, and easy to understand. It has been specifically designed with the goal of meeting family needs in the event of a sudden occurrence that threatens the financial stability of a family. Term plans are some of the best income insurance for low-income earners as they provide guaranteed protection for a pre-determined period of time.

Term life insurance can help in providing for a family in the case of income loss by covering short-term debts or even funding college education or paying off a mortgage. It also provides a direct death benefit protection. Should your coverage needs change over time, you are free to change your term life policy to a permanent one.

John Hancock makes our list of the best income insurance for low-income companies as they provide high-quality products, services, and support to about a million insurance policyholders.