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Disability Insurance – the Huge Problem

Disability Insurance – the Huge Problem

Disability Insurance the Huge Problem

Disability insurance is a critical type of insurance, yet it has a big problem. DI or disability insurance is sold by insurance major insurance companies, most are financially sound and taking care of those who have purchased their policies. The contracts are usually well priced. yet there is still a huge problem with these types of policies.

Disability insurance is the type of insurance that pays you if you are not able to work because of a medical issue. These insurance plans can replace your income for decades. This can keep a roof over your head and pay your utility bills. It can mean you are able to continue to save for retirement.

Income replacement insurance protection is a very most important types of insurance to have if you want to prevent bankruptcy or foreclosure. Major accidents can trigger huge health bills and expenses; they can also cause you to be unable to work for years.

This can mean that even if your health bills are paid for by your paid for by your health insurance plan insurance policy, you can still lose your house if you do not have disability insurance protection. People who have DI or disability insurance are often able to prevent betting hurt by the impact of a financial disaster than people who don't have a DI policy. The coverage offered against financial disaster is not the concern alluded to above.

Income replacement coverage can optionally be designed to keep up with rising costs. You can purchase the right to buy additional coverage without health questions. This can mean that even if your health has taken a turn for the worse, but you are still working, you can buy extra protection so that your benefits keep up with your income.

You can optionally pay for a rider that will raise your protection after your claim so that it goes up along with the cost of living. You can have benefits that increase each year for years on end. Neither of these are the main issue with disability insurance.

Disability insurance is affordable. It is often available at a fraction of the cost of health insurance. Many people are surprised at how little it costs.

Although disability insurance coverage is generally not available to cover all of your income, the benefits can be received tax free. This means that a income replacement insurance policy that covers 70% of your gross salary can come very close to covering 100% of your net salary.

If your premiums were paid with pre-tax dollars, taxes are likely to be due when you receive benefits. If your paid for your policy with post-tax funds the benefits should be received by you without any deduction for income taxes.

These policies are available for both males and females. Professionals and non-professionals can buy these policies.

One significant concern with disability insurance protection is the fact that you will only qualify before you have a major health issue. This is a big concern, Yet it isn't the big problem hinted at above. Medical underwriting is typical with other kinds of insurance such as life insurance and health care insurance.

The problem with DI or disability insurance is that discussed or purchased as often as it should be. It is under sold and under bought. You may be shocked by its affordability. When did you last get a quote for income replacement insurance?
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Disability Insurance – the Huge Problem Washington