Disability insurance from INSTANT DISABILITY can be one of the most important insurance to own. Your single biggest asset is your ability to earn income for the rest of your life, especially when you are younger and haven’t had the time to build up your net worth.
In the following points we’ll get to know about why you should purchase disability insurance.
- Insurance will pay around 60 to 70% of your last drawn salary when you were healthy.
- Once you have been off work due to a legitimate medical disability with the confirmation by a doctor for a specific or non-specific period of than you will start getting the monthly benefits from your insurer so that you can run your expenses.
- Before benefits are actually paid to you company must approve your medical disability claim.
The disability insurance policies broadly fall into three categories.
I. Short term disability insurance
II. Long term disability insurance
III. Permanent disability insurance
- Short term disability insurance covers inability to do work due to an illness or accident. Generally it is not longer than one year duration.
- People with severe injuries are generally provided with the long term disability insurance benefits. These injuries or illnesses keeps them unable to work for years or even for the rest of their life are mentioned in these policies.
- The best thing is that the waiting period for these policies is less and the benefits of this policy start kicking in as soon as the paperwork is done with.
- Many employers also provide short and long term disability insurance to their employees. There is also one policy named “group disability insurance” which is more affordable to participate in. Group disability insurance is more affordable to participate in than individual disability insurance.
- Individual disability insurance policies of INSTANT DISABILITY are purchased directly from an insurer and are tax free.
More generous the terms and benefits be, higher will be the monthly premium. Younger and healthier you are you’ll get the insurance policy in a very less rate comparatively to a older person and your premium would also be higher.
The cost of coverage will be determined by a person’s overall health, age and occupation. Sometimes your current physical health is also determined to get insurance policy and even few insurers might refuse to give policies for individual with in this or chronic condition. In case if you get your insurance done then you need to pay a higher amount to purchase the policy.
If you are seeking to buy a disability insurance policy then do consider few things such as- which policy to opt for – Particularly short term versus long term. Most people opt for long term disability insurance. Also consider what coverage your employer offers because you’ll definitely want coverage that complements what you already have, if any.
Choose a policy that cannot be cancelled because, it will create more value to your policy and at the end premium received by you would certainly be higher.
Under return to work disability insurance provision you will still be able to collect medical benefits for your disability even if you are back at work. Otherwise, your insurer might interpret that your return to work means that you were fully recovered from disability and don’t need further benefits.
Most importantly if you want to stay financially fit then these policies should be considered by everyone on a priority basis because one out of four persons is likely to get disability in their working age itself.