subject: Why do we need disability insurance? [print this page] Why do we need disability insurance?
Majority of us are familiar with the word "insurance". There are many types of insurances available these days. Some of the most common among them are car insurance, life insurance, motor insurance. However, one cannot deny the importance of disability insurance these days. It has become one of the most sought after insurance these days.
Disability insurance basically provides you cover when one is unable to work under his capacity duly to some injury or illness. Disability insurances are not complicated at all, unlike some other insurance. This form of insurance just covers all your financial problems which arise due to some injury or illness. All you rehabilitation and medical expenses are usually taken care of under this insurance. You will find a large number of disability insurance policies available in the market which claims to provide support to the disabled. Thus, it is very important for you to study the market and analyze so as to ensure that you derive the maximum benefits for best possible prices.
Broadly speaking, disability insurance is of mainly two types which are long term disability insurance policies and short term disability insurance policies. The former ones cover around 75-85% of the actual income, whereas the latter goes only for 45-60% of the actual income. Both of them are on a tax free basis.
There are many factors to consider when one opts for disability insurance policy. Perhaps the biggest percentage should be given to renewability or total disability conditions. Generally people go for those insurance policies which they can cancel and not the service provider.
The price of the disability insurance will mainly depend upon your gender, occupation as well as age. If there is a high risk of disability because of your profession or age, you will have to pay more premiums. However, you cannot neglect the importance of disability insurance if you want to leave a peaceful and secured life.
Until recently, disability insurance was one of the most overlooked types of insurance. People used to pay heed only to their cars and property. However, now they realize the importance of disability insurance and thus you will find many takers of this policy now.
One cannot work as long as he or she wants as there are many unforeseen circumstance in one's life and therefore protection from them is important. Disability insurance provides a financial cushion to the family of the insurer so that they don't have to face any problem in case of injury or illness.
If you want to avail any disability insurance, you need to make sure that you consider the policy in eternity. Price should not be the only factor influencing your purchasing decision. You need to consider terms and conditions as well. Remember the higher you age is, more premium you have to pay. Simply for high risks job one need to shell out more money for premiums. It is good if you are able to get quotes from other different companies as it will help you to compare the various policies.
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