Disability Insurance Is Essential

2007-03-08 10:33:40

( Health )



Because life is so uncertain, it pays to be prepared for any occurrence that could come your way, even something as unfortunate as an accident. Disability insurance is your protection against unforeseen circumstances that may come your way and safeguards against any potential loss of income if you become incapacitated.

A disability is any physical or mental illness or injury that could prevent you from continuing with your normal working conditions. The first requirement to getting disability insurance is that one needs to be employed to be qualified for it. Although most large companies often provide their employees with disability insurance, you need to purchase disability insurance yourself if you are self-employed or work with a smaller company that doesn’t grant it. If you decide to purchase disability insurance on your own, you may want to join a professional organization to obtain a cheaper rate as a group. Make sure you also acquire several disability insurance quotes so you are guaranteed of getting the best package with a number of benefits.

You should also keep in mind when purchasing disability insurance or finding out the plan your company offers what provisions are offered for individual short term disability. While individual short term disability insurance, usually twenty-six weeks or less, is completely covered by the company, anything longer than that will have to be split between employee and employer. You may also be offered mortgage disability insurance which covers home payments if you find yourself disabled. However, you are still better off with a general type of disability insurance, even at an early age. The biggest mistake people make is waiting until they are much older before purchasing disability insurance. The reality is that you are susceptible to any form of illness or injury at any time in your adult life. When it happens, you will thank yourself later for having disability insurance as a fallback.


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