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Revision as of 09:47, 16 May 2026

Income protection insurance can be critical in troubled minutes. It is also known as job loss insurance or redundancy insurance in the UK and in some other countries. The protection protects the insured person against any partial or total income loss. The loss could already been due to several reasons such as loss of job, group winding up, reduction of pay, or even an accident or illness because that the person had giving up the job. However do bear in mind that income protection insurance does not cover any pre-existing complaints.

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Remember, a personal exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This makes you under the marginal tax rate of 25%. So the money you can save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and your spouse, which will be multiplied by two as well as save $1825.

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