When you are the one who provides for a family, you probably wonder what would happen if you ever were injured and unable to work. This could be the insurance policy you are looking for. Disability Insurance can be very helpful if you need financial security during times of injury and healing.
What is Disability Insurance?
Disability insurance is an insurance policy, also known as Disability Income Insurance, or Income Protection Insurance. Disability Insurance is designed to assist you and your family be financially secure if you are ever injured or disabled. Disability insurance provides income replacement until you are healed enough to go back to work. It replaces a portion of your paycheque using a percentage of your usual income. The disability can be caused by either accident or illness. You and your loved ones will get assistance from the insurance payments until you can work again, or until the coverage term ends. You can work your policy so your payments come weekly or monthly.
Why Get Disability Insurance?
Anyone who is the sole provider of income, or If you have a regular income, you should consider getting disability insurance. Almost everyone has rent or mortgage to pay or support immediate or extended family members. You need to have coverage if you sustain an injury or get an illness that prevents you from working.
Several factors affect the cost of Disability Insurance. Benefits and premiums are affected by the following factors: gender, age, family health history, physical condition, and occupation. If you have other coverage, Disability Insurance payments may be reduced to offset the other benefits.
What Does Disability Insurance Cover?
There are many reasons to have disability insurance, accident, or illness.
Four Types of Disability Insurance
This insurance will make sure you will not lose income due to your inability to work, allowing you the time you need to get back on your feet. You will be able to pay bills, buy food, and cover household expenses.