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Disability Insurance
Although it is hard planning for good events, it is much easier, although less pleasurable, to make arrangements for the bad but disability insurance can help; just a few weeks off from work without pay can see families end up in debt. This type of situation causes additional stress so disability protection can act as a safety net whilst you are incapacitated. There is a greater chance of needing disability protection before retirement age than there is of dying.
It is an unfortunate fact that most people think they have a greater chance of dying than being laid off work through disability so life insurance policies are more popular. Despite statistics showing that a middle aged worker has a greater chance of needing a 3 month break from work because of an accident as opposed to dying before they reach 65, is almost impossible. Disability insurance by its very nature can be costly so obtaining the best possible rates available is imperative for someone on a budget.
Some of the factors required to assess the premium include the age and health of the applicant but the largest part to calculate is how much income they will need whilst they are incapacitated. To help reduce the possible financial impact of taking out of the premiums it is possible to delay when the first payments are made; so effectively reducing the possibility of claiming on the policy. The other option to this would be to reduce the period of payments for incapacity; whilst this can save money on the premium, the claimant could end up incapacitated longer than the payments are planned for.
Insurance company policies will differ but the majority will only pay a percentage of your lost income so it is a good idea to choose the best one for you and in this instance, the cheapest may not necessarily be the best. The two main types are short term and total disability insurance; the short term will only cover a set number of months but may have improved benefits. If someone takes out total disability cover, which would provide a reduced financial income for a longer period, they will probably have to show proof that they could no longer perform tasks they could before the incapacitation.
Whatever the situation, a person making a claim owing to incapacitation will be sent a disability benefit check every month until the end of the plan or they return to work. Some key issues to research in health policies include:
* Attitude towards pre-existing conditions
* Whether the income is taxable
* How long the payments are made
* Your own occupation versus any occupation
The level of cover provided for your original salary will differ with each insurer's disability insurance policy. This percentage of your income paid by your insurance plan can be as little as forty percent or as much as seventy percent, so you can see there is quite some variation. If maintaining your income is important then this issue, on its own, will determine which company you choose.
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