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Disability Insurance
When you have a family, disability insurance is not a luxury any longer but
a necessity; this can provide an income until you are able to return to full
employment. This allows a person who is incapacitated to get well without
having to worry about how their family will survive. The chances of you
being in need of a disability protection plan before the age of 65 far
exceeds the possibility of death prior to this age.
Unfortunately, this fact is often overlooked when life insurance coverage is
being arranged. If you are aged 40 for example, there is a higher chance
that you will be disabled, and thus unable to work for a period of 90 days
or more, than of you dying before the age of 65. The problem is disability
insurance costs more than basic life cover as it is costlier to provide.
Premiums are based on many characteristics like age, occupation, health and
the calculations of potential lost income. There are a few ways of reducing
the costs with the main one being selecting a longer period of time or
waiting period before the plan starts to pay; with this in place there is
less probability of the claimant making a claim. Some people find that by
setting the plan to pay for only a set period of time, they can dramatically
reduce the premiums they have to pay; although you need to bear in mind that
once your period of benefit ceases you would have to support yourself.
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.
On the other hand, total disability cover can provide limited financial
cover for a much longer period but it will be the responsibility of the
claimant to prove that they are unable to carry out work related tasks that
provided their income previously.
In any event if a person suffers an injury and are unable to return to work,
either temporarily or permanently, they will receive weekly or monthly
disability checks. Other key points to consider when looking into health
policies are if there are restrictions on:
* Attitude towards pre-existing conditions
* Monthly benefit payment is taxable or tax free
* How long the benefits will be paid for
* Details of employment
Each policy is different so the amount of salary the disability insurance
plan will pay will depend entirely on the policy you decide to go with. With
some providers giving 70 percent of the original salary, you will have to
watch out for those who will only provide you with a very low 40 percent
which could cause financial hardship. It is the number one factor that will
define what your income will be in case you become disabled.
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