subject: Shopping For Disability Insurance [print this page] Having disability insurance is as important as having life, health, auto or business insurance especially if youre work exposes you to risks such as accidents and illnesses. While health insurance will keep an individual protected from expenses that may incur when he or she gets into an accident or is found to be suffering from an illness, disability insurance is insurance protection that will pay him for the earnings that he or she may miss as a result of absence from work or inability to do the usual routine of his daily job.
If you are one of the millions of individuals whose future is not yet secure in case of disability, then we recommend that you to start asking for disability insurance quotes now! Many employers today have learned to value the importance of disability insurance; however, due to limitations to the budget, some employers have made it an optional insurance.
long term disability insurance but when they or someone they know get into an accident, they would rush to insurance companies and purchase any disability plan they could. Studies show that up to 30% of workers will, at one point or another, experience disability. Dont be one of these individuals. Make an important move now and start shopping for disability insurance! To help you consider which disability insurance to purchase, here are some ideas on the key features that you should look for according to the Insurance Information Institute:
1.The plans definition of disability
Some insurance plans provide you benefits if you are unable to perform the daily activities of your own work while other insurance plans pay you if you are unable to perform any job that suits your education and experience. So which disability plan is more practical to choose? Our answer is the former since this coverage provides you benefits without the need to look for another job.
2.The length of the benefit period
The amount of time you will receive benefits is critical when shopping for disability insurance. If you have the resources, it is always better to purchase insurance that could cover you from now until you reach 65 (age of retirement) so you can be protected for a longer period. If you are young, long term disability insurance is relatively low-cost.
3.The percentage of coverage benefits
If you have the budget, go for insurance plan that could cover up to 80% of your salary when you become injured or ill. However, before buying insurance, you have to keep abreast of your own expenses as this will determine whether you can afford to pay the premium or not.
4.Coverage from accidental and or illness
When shopping for disability insurance, choose a plan that will provide you benefits during accidents and illness. Consequently, disability insurance that only covers either accidents or illnesses is less expensive.
5.Cost of living increase benefits
The cost of living increase benefits will provide you the right amount of benefit at the right time. For instance, you bought insurance today that you might only get to purchase ten years from now. During this time, you want to get benefits that are at par with the increase of cost of living.
6.Residual benefits
Also known as partial benefits, this type of benefits will have your receiving benefits equal to the amount that you may lose because you are only working part time due to your disability. This also refers to the benefits given to a person with no total disability yet still has limited capability to perform the entirety of his job functions.
7.Transition benefits
Transition benefits pay you during post-disability period to offset the income you should be earning while you are still in the process of rebuilding your business or service.
8.Ongoing coverage
Non cancellable disability policies will keep you covered as long as you pay your premiums, which must be fixed. A guaranteed renewal policy, on the other hand, may demand an increase in premiums as insurance companies may post higher costs for every renewal. Both coverage keep the same benefits overtime.
9.Financial stability
Finally, look for the financial stability of the insurance company you will be purchasing insurance from. Take some time to do research and background check on the company as you surely do not want to regret having to pay insurance from a company that may close down five years from now.
Get online disability insurance now and start securing the future of your family even when you are not able to work. There are hundreds of disability insurance providers today but thanks to insurance quote providers online, shopping for disability insurance has become ease-free! Visit eDisabilityquotes.com for the most updated insurance rates or call us today at 1-800-971-3214. You may also email us at info@eDisabilityQuotes.com.
by: Ted Stearns
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