Disability Insurance: Why You Must Have It!
It is a commonly observed fact that when people think about insurance, they usually think of auto or life insurance. Rarely do they think about Disability Insurance which is more important than these types of insurance covers?
It is also interesting to note that having an adequate disability insurance cover would make sure that the funds can be provided for your family.
On the other hand, the odds of an individual encountering disability are remarkably high. Recent surveys depict that around 25 % of the population would suffer a disability in their workplace which would further affect their source of income.
This is where accident and sickness policies would come to play. Income protection policy in recent years has attained much popularity owing to the reason that it exudes practicality. It helps the family of the affected person to survive by providing them with financial security.
61% Americans say most people need disability insurance yet only 26% have it.
Coverage granted to an individual under the disability insurance
It is fascinating to note that coverage under the policies of disability insurance would differ as per your selected plans. Moreover, the type of invalidity insurance would vary on a broad scale from lump sum payments to monthly installments.
However, it would take six months after you have been disabled to let the Income protection policies kick in.
Hence, it is always wise to weigh the various plans of disability insurance. It would make sure that your loved ones would have a hassle free time in case of any unfortunate accidents which would result in your disability.
Quite interestingly, you have to make sure that your policy covers your specialty. For instance, whether you are a construction worker or a doctor, eye that policy that would always cover your skills. Do not hurry over selecting a policy that would not cover your disability.
Short term versus long term disability insurance coverage
It is vital to note that insurance companies provide short term as well as long term disability policies. In this context, it is interesting to see that short term disability insurance coverage is meant for temporary incapacity.
It is selected by an individual when he or she thinks that they would go for a limited time in invalidity. However, it is always wise to opt for a long term disability policy.
Interestingly, long term disability insurance schemes kick in when the short term disability insurance coverage expires.
It is meant for those who have been disabled for an extensive period. The best example of a long term disability insurance scheme is the social security disability insurance offered by many companies.
Where can you find coverage?
There are usually three main ways through which you can avail the disability insurance. They are through your employer, through the Social Security Administration, and through a private insurance company.
The social security disability insurance is mostly preferred by individuals who are out of professional activities for an extended period of time.
If you enjoy a good relationship with your employer, then you can take the help of him or her to file disability insurance coverage.
I will highly recommend to speak with a Independent Insurance broker as they can shop around and look for the best plan and company for you.
Do not ignore the safety of your family and opt for disability insurance today to harness the strength of positivity.