There are a multitude of people that think disability insurance is a waste of money and unnecessary expense.
Those people are foolishly wrong. A disability can happen at any time without any warning, and without preparation – it can leave you in a very uncomfortable position. A disability could prevent you from being able to work or provide for your families. Although, with a personal disability insurance plan, a monthly income provided by the provider can help keep the household afloat.
There are certain types of disability insurance policies out there and they cover a wide array of issues. Individual disability insurance is the most common and most used by people who are employed by employers that do not provide benefits or self-employed individuals who desire disability coverage. High-limit disability insurance is designed to insure that the beneficiary’s income benefits are at sixty-five percent of their income regardless of their income level. Key-person disability insurance provides benefits to protect a company from any financial hardship that may result from the loss of a key employee due to some sort of disability. Business overhead expense disability insurance provides reimbursement to a business for overhead expenses should the owner suffer an accident resulting in a disability. National social insurance programs are insurance programs provided by the national government of a country to all citizens. This has come to be the single most important form of disability insurance provided. Employer-supplied disability insurance is a type of insurance that is provided by an employer to any employee that suffers an injury resulting in a disability from an on-the-job accident.
There are certain things that disability insurance does do, but there are also some common misconceptions about disability insurance that are worth noting. Disability insurance coverage does not replace your entire paycheck. Most policies will only cover around fifty to seventy percent of your salary. It also does not pay benefits under any and every circumstances. Policies include a specific definition of “disabled” which each person may meet in order to qualify for benefit payments for their policy. Although, there are certain things that disability insurance will cover after your accident. A disability insurance policy covers the most vital and valuable asset: the ability to earn an income. Most policies let you tailor the cost and terms of your policy to fit your budget and needs. By allowing you to choose how long you’ll wait after becoming disabled, you determine how fast your payments will begin and how long they will last.
If you think about it, everything you have today depends on your ability to earn an income. Having disability insurance can provide you and your family with a sense of security of knowing that money will still be there. If the unexpected should happen, you can breathe easily by knowing that you’re still able to receive a monthly income for your expenses. Your income is your most important asset. Don’t let an injury debilitating injury prevent you from being able to provide for your family.