Wage insurance is a proposed insurance scheme that provides workers with compensation if they are forced to move to a job with a depreciated salary.The income protection insurance company is responsible for sales of wage insurance.IPI is prevalent is the following countries;Australia,  Ireland,  New Zealand,  South Africa, and the  United Kingdom This kind of insurance favors policy holders who are debilitated and unable to work due to illness and accident.

Formally Income Protection Insurance was called Permanent Health Insurance. Income protection insurances can pay up to 80% of your regular income if injury, unemployment or illness means you're unable to work.Pros of Wage Insurance Wage Insurance (IPI) can provide a regular replacement income provided the insured is unable to work courtesy to illness or injury, until they can return to work, reach the end of the policy’s agreed time frame for paying benefit, retire, or mortified - depending on the policy chosen.Cons of Wage Insurance Most insurance company doesn't sell their insurance cover to individuals in events of Individual Income Protection .

Wage insurance could be bought either as Group Income Protection or Individual Income Protection Group Income Protection (IPI) - Group Income Protection is bought by the employer and purveyed as an employee benefit.Individual Income Protection - This is the type of wage insurance purchased by the insured from a broker or IFA, and, in any case, bought directly from an insurance provider.Unfortunately not all insurance companies sell their income protection to individuals.

An IFA should be consulted in cases where a potential customer want to avail for IPI.You can get an adviser or broker to assist you, if you fall into this category.