Disability Insurance

For obvious reasons, our future is always uncertain and certainly unpredictable. This is why it is paramount to obtain insurance options that can aid and abet you and your family in successfully dealing with whatever challenges that may happen on the long and winding road of life. A perfect example of this is disability insurance. This type of an insurance policy can pay out replacement income in the event that you are unable to work because of a serious accident or illness.

If you are hurt in some kind of accident, this insurance can be used to cover the medical bills, pay the mortgage and more. No matter your marital status, if there are children or not, acquiring disability insurance can really make a difference when the money stops coming in as a result of a temporary or permanent disability. Employers sometime offer it as an option their benefit packages. Always remember that there may be a waiting period before payments can be initiated after a claim is filed.

The premium payments are determined by one’s annual income. Medical exams may be necessary, and the exam results can often help in adjusting the monthly premium.

There are two kinds of disability insurance: short and long term. Short term insurance provides benefits for a defined period of time after you are hurt or become ill and are no longer able to work. It is finite in duration and the one who is the recipient of benefits is expected to get well and back to work after a period of treatment and healing. Long-term coverage comes with a required waiting period before benefits can be initiated. Once started, with this policy the payment duration will often last far longer. If one so desires, he or she can obtain both kinds of insurance to cover both these aforementioned scenarios.

Always available is an option called “presumptive disability.” It can pay out benefits even if you are able to perform normal work duties. For example, losing an arm to amputation is one way how this benefit could be used. Talk to an agent today to be prepared for all possible scenarios. Accidents do happen and people get sick. This is why disability insurance can be such a proverbial life-saver.