Disability Insurance: How it protects your income

Disability Insurance

Today we are living in the most unpredictable times, with the advancement of technology our standards of living has also gone up. But, simply being dependent on job cannot work for you for a long period of time because you don’t know what will happen to you in the times to come. If you get a disability you  will certainly lose your job as well as earning sources so, why not to protect your income by getting  disability insurance from instant disability.

Disability insurance provides partial income that is around 60 to 65% of lost income so that you can pay your bills if you get too sick or injured to work.

It is a common perception among people that disability is caused by a sudden incident like accident or through any injury. But, this is not at all the case altogether. In fact, more disability is caused by illness than injury including common conditions like heart disease and arthritis.

Insurance for disability are sometimes also provided by the employer and the policies generally are of long term or short term. The employer provided the insurance policy according to the job stature or risk of job involved in.

The best short term disability insurance policy helps you immediately after an incident and long term policy helps you to provide financial protection for disabilities that can last for years.

If no job related insurance is forwarded to you then you must get individual disability insurance policy which will also have the same benefits. In this case also you can either choose the long term or short term policy.

Whatever the case may be the whole idea is to keep your earning sources active even if you are not able to work as is in the case of disability.

These days the financial advisors are focusing more on getting people enrolled in the policies particularly like that of disability insurance policies which gives you unmatchable benefits. The estimate says that one out of four individuals will get disability in their working age itself.

Disability insurance also helps young employees or earning individuals to get disability insurance by facilitating them the insurance policy in cheaper prices then the adults because they are unlikely to get disability in their young age in comparison to the older age people.

Disability insurance is not designed in the way that it can protect 100% of your income but at least 60 to 65% of your gross income will be replaced.

Premiums of insurance are based on factors like age, occupation, daily routine or life style that one  follows plus the, habits one have . If you are a smoker or a daily drinker then you have to pay high amount to get your insurance done in comparison to an individual who follows a healthy lifestyle.

Unlike other insurance services like life insurance which becomes useful for their family after one passes away this policy of disability insurance is totally different. You actually live to see these benefits. In a long run disability insurance does protects your income.

 

Leave a Reply

Your email address will not be published. Required fields are marked *