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disability insurance policy
  • Everything You Should Know About Personal Disability Insurance

  • Published By:
  • Category: Insurance
  • Published Date: January 22, 2021
  • Modified Date: January 22, 2021
  • Reading Time: 5 Minutes

Featured Image Caption: Disability Insurance Policy

Personal Disability insurance also called Disability income insurance is very essential for maintaining the stability of our lifestyles. This insurance plan takes care of the most important part of our lives and that is our income. Almost everything that is included in our lifestyle is very much dependent on our income. If there is an issue with the income, every aspect of our lives gets affected. In this article, we are going to talk about personal disability insurance. After completing this article, you will be able to choose the right one for you.

Disability insurance in brief

No matter how many insurance plans you have opted for, you can’t maintain any of them with an unstable income. This is where disability insurance comes into play. This insurance provides you coverage in situations when you are unable to work due to an unavoidable problem. There may be several situations like an accident or something else that may hinder your job. In such a situation, you will get essential coverage from disability insurance rather than left empty-handed.

Who needs the personal disability insurance?

Personal disability insurance is for almost everyone. This is because several reports have suggested that every 1 in 4 persons who are about 20 years right now will be disabled for at least 90 days before they turn 67. Such a report increases the urgency to get one insurance of this type.

As all the other insurance policies are for specific situations but this one will fulfil your needs of money instead of your income when you are disabled. Once you are disabled to work, you will fail to pay every insurance plan and all your securities will be gone. Such a serious case can be avoided only if you have personal disability insurance.

But when you have a plan like this, even if you are unable to get back to work for months, you and your dependents will not face any issue in dealing with daily expenses.

If you are a female and you want your personal disability insurance to cover your expenses while you are pregnant, you should get the insurance before pregnancy. But keep in mind that you have opted for long-term disability insurance because most short-term disability insurances don’t cover situations like pregnancy.

Types of personal disability insurance

There are several types of disability insurance schemes. Discussing all of them is not possible in this tiny article. However, we will be discussing all the essential types here to give you an idea about the fundamentals.

Short-term disability insurance

The benefits of these insurances may last 3-6 months in general. And once you become unable to work, you will start getting the benefits from this insurance after 14 days. These plans are good in case you suffer temporary injuries.

Long-term disability insurance

The benefits that you get from these insurances may last up to 10 years. Such insurance plans provide coverage when someone is unable to work for a long period of time or when they get a permanent injury. There are certain plans that provide benefits up to age 65. Though the cost of a premium for these insurances are quite high you also get more benefits here.

Factors deciding your personal disability insurance

There are certain factors that insurance companies consider when you approach them. Here, we are going to talk about those factors in brief.

Occupation

This is the most important deciding factor when you choose a disability insurance plan. The benefits that one may get from the insurance are very much dependent on the quality of work. If you are engaged in a job full of risks like fire-fighter, police main, etc., you may get more benefits.

The health background

The chances of catching a disease are revealed by the health history of an individual. So, the insurance companies inspect the health background of the individuals to decide the benefits from insurance plans.

Age

As the age of people advances, there are more chances of people being unable to work. So, it is advisable to get one of these plans while you are young and healthy. When you’re more than usual and you are working, you will have to pay more money per premium.

The annual income

The more income you have, the more benefits you are going to get from your insurance plans. All of these insurances are based on your income. When you earn more money, you will suffer more loss while you don’t work and then you will get more benefits.

Final thoughts

There are several situations that can’t be predicted. The same is the case with the worst cases that happen in our lives. If you are unprepared for such situations, you will not get through it conveniently. Getting a personal disability insurance plan would be the best option in that case. You can visit Instant Disability to get disability Insurance.

Jeff Pennington

By Jeff Pennington
– I am the founder and CEO of Instant Disability. We deliver completely customized disability insurance quotes for each and every person depending on their unique circumstances and needs.

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