Looking For Disability Insurance?

In: Random

7 Jun 2010

There are several types of disability insurance. These include individual disability income, disability and impairment of credit. If you are thinking that they can not afford a disability insurance or not really what you need … This article is for you!

Did you know that is more likely to receive disability benefits received death benefits of a life insurance policy? However, many people choose to ensure their ‘life’ but forget to secure their livelihood. ‘Studies show that a worker of 20 years has a probability of 3-in-10 of becoming disabled before reaching retirement age. His capacity for work could be your greatest asset, however, is one of the least protected by some.

Imagine if you lost your job and could no longer generate income. Consider how long it would take to deplete its ’emergency savings’ in relation to the time that led him to create that nest egg … if you still have it at all. Many people loose and end up claiming bankruptcy due to a disability. Fortunately this need not be the case. Disability insurance allows you to put an affordable price a plan in place for the unexpected.

Individual disability income is designed to replace 45-60% of their gross income tax free. Disability is defined as the inability to perform the duties of your current job. This provides coverage if you are disabled due to a freak accident or because of an illness such as cancer or heart disease. There are some features you want to make sure your policy provides. You want to make sure the disability insurance covers if you can not work in your current occupation, not just in any occupation. It is also important to ensure that the policy is ‘guaranteed renewable’ in that way an insurer can not cancel the policy, provided you keep the premium. Most are payable to age 65.

In addition, you should consider waiting period ‘is the amount of time that must be disabled due to injury or illness before the policy comes in. This period usually varies from 30 days to 6 months. An important fact to note is the waiting period is a key factor in determining the premium. The longer the elimination of the more expensive the policy. The other important factor is the price for their ‘professional’, ie the type of work they were related to the statistical probability that you have an injury that prevents the implementation of that specific profession.

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