At the present time the market of insurance and its policies have shown a tremendous growth. But are all the insurance policies worth buying? You need to set priorities regarding insurance policies. Best advisable insurance plan in present time is disability insurance because you can reap the benefits out of insurance policy when you are alive. This monthly insurance money will act as a substitute to your lost income because of disability.
Medical insurance covers only medical procedures and rehabilitation, so disability policies are necessary supplements covering routine bills and expenses.
Although disability insurance seems to be expensive but believe us that it is worth it.
Coverage amount that you require
The first thing that one needs to know is that in which disability insurance you will get the most amount of money as a cover. The best cover is given in the long term disability insurance and little lower than this is in the short term disability insurance. It’s the most important thing in a policy, as this is the amount of money you would regularly receive while experiencing disability. The bigger the benefits, the bigger the premium you would need to pay.
Duration of the benefit
In short term disability insurance the benefits will be provided up to 1 year. On the other hand in the long term disability insurance the benefits will be given for a long period of time or till the time individual is not recovered from disability and get back to his work for earning his livelihood.
Age plays an important role in deciding the amount that would have to pay for buying the insurance plan and the premium would also be higher. Less is the age more will be the coverage received by you. Age is a very important factor in timely deciding to buy disability insurance because everyone is at risk of a disability, and everyone benefits from disability insurance, so it’s always a good idea to get one to protect you.
If you are an employee, than you can also avail the benefits of disability insurances through the employer by the insurance name of group disability insurance. If it is not sufficient enough to fulfill your requirements than individual disability insurance can be brought or the long term disability insurance is also an option available.
The high salaried, high skilled and gig economy workers should go for long term disability insurance as this is the most successful insurance available for you. The benefits rendered by the company are also high.
- Disability insurance is an important part of financial planning. The benefits given under the disability insurance are unmatchable to other any insurance. Having a disability insurance policy can benefit everyone, regardless of income or occupation. The price you pay for having a disability insurance policy is minimal compared to having any other insurance policy. The policy will give a sense of peace of mind and the insurance policy will also help in the recovery period.