How To Get A Disability Insurance Quote

Wondering what will happen if you fall sick while on the job? What if some accident gets you bedridden for a while? The thought of lost wages, piling bills in case of disability is enough to give anyone a sleepless night. Here is the answer to your problem.

Disability insurance is a policy that protects a portion of an individual or group of employees’ salary. The salary can be collected in case they get injured accidentally or fall sick. After the employee recovers, the benefits are discontinued. Any injury or illness due to the job is covered under workers’ compensation.

What is disability?

Disability is the inability to work or carry on with a normal life that is caused by accident, sickness, or any other factor.

Types of Disability Insurance

Outlined below are some of the major categories of disability insurance.

Short Term

You are insured for 2 years or less.

Long Term

You are insured until the age of 65 years or more.

Before you opt for one, make sure you understand the difference between the two. This is crucial since you must be able to draw on the insurance funds when you need it the most.

Group Disability Insurance

This is a very easy way of getting insured for those who cannot afford to pay for the disability insurance. Some may not be able to get insurance due to previous medical problems, as insurance companies ask for very high premiums or are reluctant to insure those with any kind of health problems. The advantage is that it is simpler and very less underwriting is required. Another advantage is that it is not heavy on the pocket.

Individual Disability Insurance

This policy depends upon the salary drawn, occupation, and elimination period. The benefits depend on the salary. Your occupation dictates your monthly or weekly benefits.

Is Term Disability Insurance cheap?

You may think that Term Disability Insurance may be the most cost effective one available. In case the term of your repayment mortgage equals the term of the Disability Insurance your debt might be paid if you die before the mortgage term ends.

Life Insurance vs. Disability Insurance

Some people believe that life insurance is a better option when compared to disability insurance. Is life insurance actually a better way to plan your financial future ? If we look into the cold probabilities, you are more likely to be disabled than die if you are less than 50 years old. Therefore, do not over look disability insurance.

If you feel you need disability insurance to cover you and your loved ones, contact your financial advisor as soon as possible. Your foresight today can save you from financial and personal problems later.